The Consolidated Appropriations Act has provided a new opportunity for businesses to qualify for the Employee Retention Credit (ERC) even if they have already received a Paycheck Protection Program (PPP) loan. This is a significant change that allows businesses to take advantage of both programs and receive much-needed financial assistance during these challenging times.
It is important to note, however, that the ERC will only apply to wages that have not been used for the PPP. This means that businesses will need to carefully track their expenses and ensure that they are not using the same wages for both programs.
- Internal Revenue Service (IRS)
- The CARES Act
- National Federation of Independent Business (NFIB)
- Employee Retention Tax Credit: What You Need to Know
U.S. Department of the Treasury
- What Is The Employee Retention Credit (ERC), And How Does The Program Work?