Latest COVID Relief Legislation – What’s in It and What does it Mean for Employers - Shared screen with speaker view
Regarding the ERTC, if we had a PPP loan and used the 24 weeks to request forgiveness, but the whole amount of 24 weeks of payroll that was forgivable was more than the loan amount will the excess be able to be used for this credit?
Is there a baseline requirement that you must be able to demonstrate gross income was down at least 25% in any quarter in 2020?
Are 1099 costs being considered in addition to W-2 costs for 2nd draw in calculating the total amount an employer can receive?
To determine eligibility for PPP-2, can you pls explain again, how is the 25% reduction of gross receipts calculated if we haven’t applied for forgiveness on PPP-1?
Ash— check with your bank as to whether you need to include the unforgiven PPP1 loan in gross receipts. It doesn’t make sense per GAAP