Paycheck Protection Program (PPP) Tax Issues and Employee Retention Credit (ERC) Update
February 19, 2021
Updates on PPP tax issues and the ERC after the Consolidated Appropriations Act, 2021. The Consolidated Appropriations Act, 2021 brought about needed tax relief for small businesses, including the allowance of the deduction of business expenses paid with forgiven or forgivable PPP loans and updates to the ERC. The ERC can now be used for 2020 and 2021 and can be claimed even if the employer received a PPP loan. We will discuss the tax updates for the PPP and the eligibility requirements for the ERC and how it now works in conjunction with the PPP.
Cherry Bekaert Speaker:
SBA Office of Advocacy Small Business Virtual Tax Roundtable: Paycheck Protection Program (PPP) Tax Issues and Employee Retention Credit (ERC) Update