Portfolio Companies: Are You Eligible for the ERC?

30 Second Summary: Portfolio Companies and the ERC: While a controlled group relationship is generally unlikely between a private equity firm and its portfolio companies, special controlled group rules may apply when claiming the ERC in some scenarios. Impact On Your Business: Controlled group rules applicable to the ERC can play a significant role in employer eligibility…

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Controlled Groups: What You Need to Know about the ERC

30 Second Summary: The Full Story: If your company is part of a controlled group, you may still be eligible for the Employee Retention Credit (ERC). Being a part of an aggregated group of companies does not disqualify you as an eligible employer – it simply changes the rules. Who do the aggregation rules apply…

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Podcast: Justin Elanjian Featured on North Fulton Business Radio

What You Need to Know About the Paycheck Protection Program and Employee Retention Credits, with Justin Elanjian, Aprio, LLP (North Fulton Business Radio, Episode 339) Aprio Partner Justin Elanjian joined John Ray to discuss the Paycheck Protection Program (PPP) and Employee Retention Credit (ERC), why many businesses don’t know they’re eligible for ERC, and how…

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The Top 4 Myths About the Employee Retention Credit

30-Second Summary: The Main Takeaway: Businesses could obtain up to $33,000 per employee if they are eligible for the Employee Retention Credit (ERC). Impact on Your Business: Many businesses are leaving money on the table because they don’t understand how the ERC works. Next Steps: Be proactive and debunk these four myths many businesses believe about the ERC,…

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EIDL Advances No Longer Reduce PPP Loan Forgiveness

On January 8, 2021, the U.S. Small Business Administration (SBA) issued a Procedural Notice (the Notice) – Repeal of Economic Injury Disaster Loan (EIDL) Advance Deduction Requirement for SBA Loan Forgiveness Remittances to Paycheck Protection Program (PPP) Lenders. The Notice Section 1110(e)(6) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) required the SBA to deduct the…

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Second Draw PPP Loan Application Released by SBA

On January 8, 2021, the U.S. Small Business Administration (SBA) released the Second Draw Borrower Application Form, SBA Form 2483-SD, for borrowers seeking a Second Draw PPP Loan. IMPORTANT NOTE: Borrowers who previously returned some or all of their First Draw PPP Loan funds or did not accept the full amount will also need to submit a Borrower…

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First Draw PPP Loan Application Eligibility and Requirements

On January 8, 2021, the U.S. Small Business Administration (SBA) released the Borrower Application Form, SBA Form 2483, for businesses applying for a First Draw PPP Loan or requesting an increase in their First Draw PPP Loan. Existing borrowers seeking a Second Draw PPP Loan will need to submit the Second Draw Borrower Application Form, SBA Form…

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