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Coronavirus/COVID-19 › Employee Retention › Paycheck Protection Program (PPP)

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Fox Rothschild LLP

IRS Increases Pressure on Businesses That Claimed Employee Retention Tax Credits

Fox Rothschild LLP on

The Internal Revenue Service (IRS) recently issued a news release identifying five new signs that a business’s Employee Retention Tax Credit (ERC) may be incorrect. It has also begun issuing a third round of letters denying...more

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on

In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Fox Rothschild LLP

ERC Voluntary Disclosure Deadline Rapidly Approaching on March 22

Fox Rothschild LLP on

The March 22 deadline for applying to the IRS Voluntary Disclosure Program (VDP) to repay improperly claimed Employee Retention Credits (ERC) at a discount is just around the corner. The VDP requires businesses to repay only...more

Keating Muething & Klekamp PLL

The IRS is Aggressively Pursuing Employee Retention Credit Claims. Are You at Risk?

Keating Muething & Klekamp PLL on

Congress enacted the Employee Retention Credit (“ERC”) during the COVID-19 pandemic to help employers retain their workforce and stay current on payroll despite economic difficulties that plagued the world. The legislation...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

Buckingham, Doolittle & Burroughs, LLC on

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Adams and Reese LLP

More Businesses Now Eligible for Employee Retention Credit (ERC) – Do You Qualify?

Adams and Reese LLP on

What is the ERC? Congress introduced the Employee Retention Credit (ERC) as part of the CARES Act to encourage businesses to keep employees on their payroll during the pandemic. ...more

Holland & Knight LLP

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

Holland & Knight LLP on

Please note: This alert has been updated with new developments after the enactment of the Infrastructure Investment and Jobs Act. The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - May 2021

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Holland & Knight LLP

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

Holland & Knight LLP on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax credit important to many employers struggling as a result of the COVID-19 pandemic. This credit, known as the Employee Retention...more

McCarter & English, LLP

Enhanced Opportunities To Benefit From The Employee Retention Credit

McCarter & English, LLP on

The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020, to encourage businesses to keep employees on their payroll during the pandemic....more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs for Nonprofits - UPDATED March #3

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Jackson Walker

American Rescue Plan Act and Changes to Dependent Care

Jackson Walker on

The American Rescue Plan Act (the “Relief Act”) expands dependent care assistance tax credits to 50% from 35% and increases the dollar limitation. While this is an individual income tax question, employers offering dependent...more

Nutter McClennen & Fish LLP

Employee Retention Tax Credits: Another Potential Benefit for Economically Challenged Businesses

Nutter McClennen & Fish LLP on

After the passage of the CARES Act last year, the clear focus of small businesses was on the Paycheck Protection Program (the “PPP”). A slightly less reported feature was the tax credit available for the retention of...more

Eversheds Sutherland (US) LLP

Third time’s the charm: Congress provides stimulus round three in American Rescue Plan Act of 2021

Eversheds Sutherland (US) LLP on

On March 11, 2021, the American Rescue Plan Act of 2021 (the ARPA), the third set of legislation aimed at assisting individuals and businesses during the COVID-19 pandemic, was signed into law by President Biden. Along with...more

Gould + Ratner LLP

IRS Issues Guidance for Employers Claiming 2020 Employee Retention Credit

Gould + Ratner LLP on

Earlier this month, the IRS provided guidance for employers claiming the employee retention tax credit for 2020. Changes Under December 2020 Stimulus Plan - As detailed in a previous Gould & Ratner article on the...more

Bowditch & Dewey

American Rescue Plan Act Extends Employee Retention Credit Through 2021

Bowditch & Dewey on

The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, extends the employee retention credit, originally enacted as part of the 2020 CARES Act, through the end of 2021. Under the...more

Obermayer Rebmann Maxwell & Hippel LLP

Employee Retention Credit Extended Under The America Rescue Plan Act

Obermayer Rebmann Maxwell & Hippel LLP on

On March 11, 2021, President Joe Biden signed into law the American Rescue Plan Act of 2021 (the “ARPA”), considered to be one of the largest economic rescue packages in US history. The ARPA addresses the ongoing economic...more

Pillsbury Winthrop Shaw Pittman LLP

Stimulus Bill Offers Much Needed Assistance to the Restaurant Industry

Pillsbury Winthrop Shaw Pittman LLP on

The American Rescue Plan Act establishes a $28.6 billion Restaurant Revitalization Fund to distribute grants of up to $10 million to restaurants and other food and beverage businesses. Eligible restaurants, bars, food...more

Snell & Wilmer

New COVID-19 Relief Bill Includes Targeted Relief for Restaurants and Other Hard-Hit Small Businesses and Nonprofits

Snell & Wilmer on

Yesterday, President Joe Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (Act), which includes new pandemic-relief grants for small and mid-sized restaurants and bars; expansion of the Paycheck Protection...more

ArentFox Schiff

Happy Birthday, Employee Retention Tax Credit: Congress’s Gift to Cash-Strapped Employers Extended Through December 31

ArentFox Schiff on

The Employee Retention Tax Credit (“ERTC”) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its...more

Roetzel & Andress

The American Rescue Plan Act Of 2021

Roetzel & Andress on

Update: President Biden signed The American Rescue Plan Act on March 11, 2021- On Wednesday afternoon, Congress passed The American Rescue Plan Act of 2021, a broad, comprehensive policy response to the challenges brought...more

Snell & Wilmer

Credit Where Credit Is Due: IRS Offers Long-Sought Guidance on Employer Retention Credit Program

Snell & Wilmer on

As we previously reported, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #9

Schwabe, Williamson & Wyatt PC on

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more

Burr & Forman

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on

The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more

Bond Schoeneck & King PLLC

Employee Retention Credit Expanded

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The Employee Retention Credit (ERC) is a refundable payroll tax credit that was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act for the purpose of retaining employees and continuing to pay...more

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