Your company might be eligible for ERC tax credits of up to $5,000 per employee — even if you were previously told your PPP loan made you ineligible.
What started as a health pandemic has become a business pandemic. Many companies, even some that received Paycheck Protection Program (PPP) loans, continue to fight for survival. But some businesses can receive additional assistance thanks to provisions in the Consolidated Appropriations Act (CAA), 2021, which extends Employee Retention Credit (ERC) benefits until July 1.
And if you think changes to the ERC don't affect you because you got a PPP loan, think again. Yes, initially, businesses had to choose between PPP and ERC for pandemic relief. But now some businesses that took PPP loans are retroactively eligible for tax breaks of up to $5,000 per employee under the ERC. If your business qualifies, you don't want to miss this opportunity.