Balancing PPP Second Draw and ERTC to Maximize Forgiveness and Tax Credits

Many questions continue to arise about the legislation and stimulus provided by congress surrounding the pandemic. The major players: Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) serve some much-needed relief for small businesses, but the million-dollar question remains: How can you utilize the aid while maximizing your forgiveness and tax credits?

We got you covered. The following information discuses top strategies for balancing both the PPP and the ERTC and how finding the fine line within the balancing act will enable businesses to position themselves much stronger so that they can maximize forgiveness.

What has changed in 2021 for PPP borrowers regarding the ERTC? PPP borrowers can now qualify for the ERTC The ERTC can be claimed for wages paid in Q1 and Q2 The qualification requirements for the ERTC have been updated to allow more businesses to qualify (and that is on top of allowing PPP borrowers to claim the ERTC) The eligible wage amount has…