New Opportunities For The Employee Retention Credit
In March 2020, Congress enacted the Employee Retention Credit (ERC) as part of the CARES Act to incentivize companies to keep employees on their payroll. When the credit was enacted, however, there was one provision that prohibited many companies, especially restaurants, from being able to qualify for the credit – those that received PPP loans were ineligible. Now, as a result of the recently passed Consolidated Appropriations Act, 2021, the PPP loan restriction was removed; those that received PPP loans are now also eligible to claim the ERC.
To explore ERC qualifications and additional insight, including ERC interaction with PPP and WOTC, and 2021 extensions and enhancements, visit us online.
PPP Forgiveness Requirements and Review Procedures
This week, the SBA issued an Interim Final Rule regarding requirements governing forgiveness of PPP loans and the SBA's process of reviewing applications. For information regarding forgiveness, the SBA's review process, and more, click here.
SBA Releases Revised PPP Forgiveness Forms
Due to the revitalization of PPP loans, the SBA has revised and released Forms 3508 and 3508EZ. For borrowers with PPP loans of $150,000 or less, Form 3508S has been revised to serve as the form required by the Economic Aid Act.
ICYMI: EIDL Program Updates
While the Consolidated Appropriations Act contains several key provisions regarding PPP, it also includes updates to the EIDL program, specifically adding a targeted EIDL Advance Program to direct funding to small businesses with the greatest need.
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GBQ Partners LLC, 230 West Street, Suite 700, Columbus, OH 43215, 6149475301
