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On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) that provided further updates to the Consolidated Appropriations Act (CAA) signed on December 27, 2020. Both President Trump and President Biden signed COVID-19 relief packages into laws that includes additional relief for businesses. Specifically, the new legislation amended, expanded, and enhanced the CARES Act Employee Retention Credit (ERC).
The ERC was previously unavailable as an option for relief to businesses that received Paycheck Protection Program (PPP) loans through the SBA. However, this legislation explicitly provided a retroactive amendment to March 13, 2020 and clarified these businesses are eligible to receive the ERC - just not on wages paid with PPP loan funds. Most companies still don't believe they qualify due to a PPP loan, which is untrue - learn about other ERC misconceptions here.
Other important changes to the ERC include:
We have been assisting companies to determine eligibility, calculations of potential credits, and working to help attain tax credits from the ERC. We have an experienced team and partner which has developed a proprietary methodology, proven to be efficient in maximizing your credits.
Schedule time on our calendar for a free consultation with our team.
Identifying The Operational Impact
Finding Full Or Partially Suspended Operation
Calculating Payroll Tax Credit Allowance
Attaining Refundable Tax Credits for Your Company