ERC and PPP Loan Considerations When the CARES Act was passed, it created both the SBA Employee Retention Credit (ERC) program and Paycheck Protection Program (PPP). They were mutually exclusive, but the Consolidated Appropriations Act (CAA), which was signed into law on December 27, 2020, si...
The Employee Retention Credit (ERC) is a federal payroll tax credit designed to retain small business employees. Learn more about ERC services with Aprio.
The Employee Retention Credit (ERC) is a federal payroll tax credit designed to retain small business employees. Learn more about ERC services with Aprio.
If an IRS agent does not sign off on your ERC application, you could be fully responsible for paying back any awarded credit, along with possible interest and fines. Overall, this is a risky place to be in with the IRS. Instead, a legitimate ERC submission should be vetted by a trusted...
The Consolidated Appropriations Act, 2021, extended the ERC through June 30, 2021, increased the credit value per employee, and amended the credit to allow employers that received a loan under the Paycheck Protection Program (PPP) to also claim the ERC both proactively and retroactively. Employers...
Credits are also fully refundable, even if the company has tax losses, and can be taken in addition to the Paycheck Protection Program (PPP) and other incentives. Aerospace Business ERC Credit Eligibility Requirements To qualify for the ERC, aerospace and defense companies must have experienced a...
Are there restrictions on claiming the ERC if my business received a PPP loan? Yes, businesses that received a PPP loan can still claim the ERC credit, but with restrictions, such as not being able to claim the ERC for the same wages used to qualify for the PPP loan forgiveness. ...
If you have received reimbursement from the government for PPP loan forgiveness or an ERC credit and you have T&M contracts that have other direct cost components, you’ll need to determine whether you had received reimbursement from the government for a direct cost also covered by PPP loan forg...
Mistakes Business Owners Make With Employee Retention Credit Not Claiming ERC Because They Have Already Claimed PPP Before exploring this noteworthy mistake many business owners tend to make that usually results in them not claiming ERC, we need to understand what PPP is. ...
COVID Tax Status: Natural Disaster and More 3:41 PPP and ERC Tax Credits: How to Tell If Your Business Is Eligible 4:11 Employee Retention Credit: How Does It Affect Tax Returns? 3:43 How to Apply for the ERC (Employee Retention Credit) & Get The Maximum Tax Credit For Your Bus...