As you file your 2020 taxes, you will find that COVID-19 has had some major impacts on the process, as it has on most things over the past year. In fact, the IRS has delayed the start and deadline of tax filing season this year. There are multiple considerations for businesses and individuals alike for…
PPP Loan
Balancing ERC and PPP Loan Forgiveness
As the pandemic continues to impact businesses, expanded Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) loan forgiveness options were passed in December 2020 as part of the Consolidated Appropriations Act. This new provision applies retroactively to the pandemic-impacted quarters of 2020 to allow PPP loan recipients to claim ERC for those periods. Further,…