PPP Round 2 Employee Retention Credits

Did you know you may be eligible to claim the Employee Retention Credits on your 941s, which can lead to substantial amounts of money? We want to make sure that you are getting all the credits that are available to you.

The Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERC) were both parts of the CARES Act. They were created to help struggling businesses during the economic upheaval of the coronavirus pandemic and granted forgivable loans from the Small Business Administration (SBA) and gave tax credits to businesses that kept employees on payroll. At inception, they were created as separate programs, but the stimulus passed by Congress in December of 2020 included the Taxpayer Certainty and Disaster Tax Relief Act of 2020 that allowed businesses to more easily participate in both.

If you are a Gusto client you can research and see if you qualify under the COVID-19 section within Gusto. If you don’t use Gusto or would like us to look into this for you we can help determine whether and when you’ve had the qualifying revenue reductions. Please let us know if you’d like us to manage this for you.

We are always here to help!