The Paycheck Protection Program (PPP) and Employee Retention Credit (ERC) – Is Your Business Fully Utilizing These Relief Programs?
WhenApril 22, 2021
There are a number of new rules and expanded guidelines for rounds one and two of PPP loans, as well as a wide range of costs that are eligible for forgiveness. Additionally, the Employee Retention Credit (ERC) may yield a qualifying business up to $33,000 per employee for 2020 and 2021. The rules and options can be complex and difficult to navigate, but the benefits can be a game changer for your business.
During this webinar, members of Anchin’s COVID-19 Resource Team reviewed the latest rules for eligibility and forgiveness of PPP loans, along with eligibility requirements for 2020 and 2021 Employee Retention Credits. The team discussed the interplay of these programs for companies that may be eligible for both benefits. The team also covered the recent IRS guidance issued, and the latest ERC program extension and expansion which now includes “recovery startup business.”
In addition, they addressed some of the common misconceptions related to PPP and ERC.
If you have any questions or would like clarification of specific items, please do not hesitate to reach out to your Anchin Relationship Partner or the session presenters - Greg Wank, Anthony Bracco, David Beckman, Paul Gevertzman and Joseph Molloy - by emailing our COVID-19 Resource Team Inbox at COVID19@anchin.com.
Disclaimer: The content related to legislative COVID-19 relief measures contained in this recording is based on information that was available at the time of the webinar on April 22, 2021. Although our firm has made every reasonable effort to ensure that any information provided related to COVID-19 legislation is accurate, we make no warranties, expressed or implied, on such information. Further, since legislative efforts are still ongoing, there may be additional legislation, as well as guidance and clarity from regulators, which may modify any legislative measures discussed. Some of those modifications may be significant and could affect any eligibility for benefits. The determination whether to apply for benefits, which benefits to apply for, and the amount applied for is your responsibility. Transmission of this information alone is not intended to create, and receipt does not constitute, any client-firm relationship. For specific tax or professional advice, including an analysis of how legislative COVID-19 relief measures may impact you or your business, please contact a member of our firm.