News & Analysis as of

Paycheck Protection Program (PPP) Payroll Taxes

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

J.S. Held on

The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Keating Muething & Klekamp PLL

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

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

Orrick, Herrington & Sutcliffe LLP

SBA clarifies PPP eligibility of payroll costs

On June 13, the SBA added question #72 to its Paycheck Protection Program (PPP) Frequently Asked Questions clarifying whether “the amounts paid by a borrower to a third-party payer for the third-party payer’s employees to...more

Burns & Levinson LLP

Client Advisory: Employee Retention Tax Credit in 2023

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During the COVID-19 emergency, the federal government offered much-needed liquidity to qualifying businesses and nonprofits through loans and payroll tax credits. Qualified employers have been allowed credits against certain...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

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - August 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Perkins Coie

SBA Serves Up Guidance for Restaurant Revitalization Fund Grants

Perkins Coie on

More than a year into the COVID-19 pandemic, the first form of federal relief prepared specifically for restaurants is likely to be delivered soon. Many restaurants have benefited from Paycheck Protection Program (PPP) loans,...more

McCarter & English, LLP

New PPP Rules Benefit Self-Employed Individuals

Last year, self-employed individuals who conducted their business without any employees could qualify for a Paycheck Protection Program (PPP) loan in an amount equal to approximately 20.8% (2.5 months divided by 12 months) of...more

Nutter McClennen & Fish LLP

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

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

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

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

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

Brooks Pierce

Federal Income Tax Changes in the Consolidated Appropriations Act of 2021

Brooks Pierce on

The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses. Congress overruled guidance from the Internal Revenue Service to provide that...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - February 2021 #1

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

Brownstein Hyatt Farber Schreck

Employee Retention Tax Credit – Updates and What to Know for Your Business

On Dec. 20, 2020, the House and Senate passed H.R. 133, the Consolidated Appropriations Act of 2021 (“CAA”), which includes a significant expansion of the Employee Retention Tax Credit (“ERTC”) through June 30. The ERTC...more

Bodman

New COVID Relief Bill – Paycheck Protection Program (Round 2)

Bodman on

As a result of recently passed stimulus legislation called the Economic Aid Act, additional funding has been made available under the Paycheck Protection Program (“PPP”) for both first and second-time borrowers. ...more

Schwabe, Williamson & Wyatt PC

Consolidated Appropriations Act, 2021: Tax Update

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act, which includes the COVID-19-related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax...more

Stoel Rives LLP

Year-End Appropriations Act Includes Income and Employment Tax Provisions

Stoel Rives LLP on

The recently enacted Consolidated Appropriations Act, 2021 (Act) contains a wide range of tax, appropriations, and other provisions, including pandemic-specific provisions and extensions of provisions in the Coronavirus Aid,...more

Chambliss, Bahner & Stophel, P.C.

$900 Billion Stimulus Package Provides Critical Tax Guidance and Support for Employers

On December 27, 2020, President Trump signed into law the $900 billion stimulus package passed by Congress on December 21. This package contained some much needed tax guidance and support for many employers across the...more

Fox Rothschild LLP

Congress Enhances Significant Tax Breaks For Businesses In Consolidated Appropriations Act

Fox Rothschild LLP on

The Consolidated Appropriations Act, 2021 (Act), signed into law on December 27, 2020, amends certain tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus...more

Proskauer - Tax Talks

Coronavirus: President Trump Signs Consolidated Appropriations Act, 2021; Summary of the Tax Provisions

Proskauer - Tax Talks on

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (the...more

Cole Schotz

Consolidated Appropriations Act Of 2021 Enacted: What Employers Need To Know Now

Cole Schotz on

On the evening of December 21, 2020, the House and Senate approved a $900 billion stimulus package included as part of the Consolidated Appropriations Act of 2021 (the “Act”). The President signed the Act into law on...more

Williams Mullen

Congress Provides New Round of COVID-19 Relief

Williams Mullen on

The Consolidated Appropriations Act, including the Taxpayer Certainty and Disaster Relief Act 2020 (collectively, the “Act”) was signed into law on December 27, 2020. The Act expands prior COVID-19 relief and includes new...more

Sands Anderson PC

Federal Stimulus and COVID-19 Relief

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On December 21, 2020 Congress passed an annual spending bill containing $900 billion in COVID-19 pandemic relief and stimulus measures.  President Trump signed this bill into law on December 27, 2020.  In addition to...more

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