Significant Changes to the ERC
As you may have heard, the Consolidated Appropriations Act of 2021 was passed in December allowing employers to take advantage of the Employee Retention Credit (ERC) even if they received a Paycheck Protection (PPP) loan. The ERC can now be claimed retroactively for 2020, and businesses can claim a 50% credit on wages (up to $10,000). It can be claimed, however, only for wages not covered under a forgiven PPP loan.
Read what you need to know, including how to determine eligibility, in our article: Changes to the ERC: What Employers Need to Know
Please speak with your accountant or business advisor to determine whether you qualify. If you do, and want to take advantage of the credit, please contact your customer service representative to initiate the process.