PPP1, PPP2, and Related Tax Issues Employers Need to Know

Did you know that the New Cares Act could allow you to claim the Employee Retention Credit for 2020 even if you had received a PPP Loan?

If you didn’t even know about this credit, you are not alone.  Very few businesses qualified for it because they received PPP loans in 2020, and you were not allowed to take both. 

New rules allow some businesses to take advantage of the credit now.

The Employee Retention Credit  is a refundable payroll tax credit available to a business that was fully or partially suspended during at least one quarter in 2020 or had a drop in gross receipts in 2020 as measured against 2019.

What business didn’t experience that?

Join your KB Advisory Team in a webinar on Thursday, January 14^th at 5:30 pm  to more fully discuss this as well as other changes to the New Cares Act, including:

• Changes to PPP-1
• Rules Regarding the New Round of PPP Funding (PPP-2)
• Payroll Tax Credits and Other Interesting Information