The Consolidated Appropriations Act signed at the end of 2020 changed the eligibility and increased the amount of credit for the Employee Retention Tax Credit (ERTC). Do you have questions about what to consider in your approach to Paycheck Protection Program (PPP) forgiveness?
In our continued efforts to provide helpful information for clients and friends
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Matt Goldston, a Director in our Entrepreneurial Advisory Services team. Matt, welcome back to the Playbook.
Matt: Thank you, Jen, I appreciate it.
Jen: So, I know we call it the EAS team, I know the EAS team has been working with bankers and our clients on the various intricacies of the Paycheck Protection Plan or “PPP.” How have you been working with banks on PPP-related items?
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.
The Basics
The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance to Americans suffering during the COVID-19 pandemic. The CARES Act authorized up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. In April, Congress authorized additional PPP funding and it’s possible more relief could be part of another stimulus law.