The nuances of the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERTC) can be a challenge to navigate. Fred Landry, Senior Consultant at KatzAbosch, walks us through the “Consolidated Appropriations Act, 2021”, signed into law on December 27, 2020, which contained an important change to the CARES Act relating to the ERTC.
The CARES Act originally precluded recipients of PPP loans from taking the ERTC. However, the new law now allows PPP borrowers to take advantage of the ERTC, provided the wages used to claim the credit are not also used as part of PPP loan forgiveness.
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