Usually, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive benefits that employees get, such as unemployment and paid sick leave. But this time it’s different....
First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for PPP participants to also claim the employee retention credit (ERC). Reminder. Tax credits are the best. They...
This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the money runs...
Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020: The first draw is for those who missed getting in on the original PPP, which expired on August , 2020. Don’t think of a PPP draw as a loan. It is not a...
Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the PPP loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose between the retention credit and the PPP loan. Millions...
If you received an initial PPP loan, you can qualify for a second round (called a “second draw”) of tax-free PPP money. To qualify for the second-draw PPP money, you must 1. have 300 or fewer employees; 2. have suffered a 25 percent or greater loss in revenue during...
