New COVID Relief Legislation Provides Tax Benefit

Written by Jeffrey D. Davine The new COVID relief bill extends (and modifies) certain provisions that were included in the CARES Act that was enacted in March.  This legislation, signed by the President on December 27, will provide $900 billion of additional financial assistance to individuals and businesses that have been affected by the pandemic. Among the provisions contained in the new legislation is funding for additional … Continue reading New COVID Relief Legislation Provides Tax Benefit

ERC vs. PPP

Written by Robert Lowe

If you didn’t get a Payroll Protection Program (PPP) loan before the SBA ran out of funds, there are still other benefits available under the CARES Act that was recently passed by Congress.

The CARES Act also provides for the Employee Retention Credit (ERC) which is a tax credit equal to 50 percent of the qualified wages paid to employees up to $5,000 per employee.   If you get a PPP loan, one big negative consequence is that you cannot claim the ERC.   So each business needs to make a determination of whether it’s better off with a PPP loan or ERC.   This is a complicated decision which will vary from business to business. Continue reading “ERC vs. PPP”