Along with PPP, the most critical stimulus relief provided by the government was the Employee Retention Credit (ERC) which can deliver seven-figure cash refunds to business owners. Now both can be claimed together.
The latest developments surrounding the COVID-19 Omicron variant have American businesses on edge, and for good reason. The World Health Organization (WHO) has stated that the new variant poses a “very high” global risk, leaving companies around the world once again anticipating even more government restrictions.
Congress passed regulations in December that made several changes to business tax deductions and incentives. They aren’t only in favor of big companies and corporations — small business owners can take advantage of these just the same.
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act).
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