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On Sunday, December 27, 2020, the President signed a $900 billion COVID-19 relief package into law that includes additional relief for businesses. Specifically, the new legislation amends, expands, and enhances 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, the new legislation explicitly provides a retroactive amendment to March 27, 2020 and clarifies 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 - learn more from our ERC misconceptions infographic.
Other important changes to the ERC include:
We are prepared to assist in determining eligibility, calculating, and monetizing the ERC. We have an experienced team and partner which has developed a proprietary methodology, proven to be efficient and maximize 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