The Economic Aid Act, included in the 2021 Consolidated Appropriations bill, changed the rules for the Employee Retention Credit. PPP loan recipients can now claim the Employee Retention Credit.
This credit has the potential to return significant amounts to businesses impacted by COVID-19.
The Internal Revenue Service urges eligible employers to take advantage of the newly extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
PBMares’ tax experts provide insights to help you understand your eligibility and how you can take advantage of this significant change.
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