Posts Tagged ‘PPP’
Employee Retention Credits in M&A Transactions
At a glance Are you ready to learn more? Schedule a conversation with our team. The full story: ERCs may have started as a helpful tool for businesses suffering from the COVID-19 pandemic, but they didn’t stay that way for long. Now, just three years later, ERCs have earned a place on the IRS’s “Dirty…
Read MoreThe Next Hurdle in your ERC Claim: Financial Reporting
At a glance: The main takeaway: Industry experts have recommended using the loss recovery model in response to widespread confusion about reporting the ERC in financial statements. Impact on your business: The loss recovery model means you can report ERC claims sooner and avoids any need to amend previous financial statements, but you must be certain in…
Read MoreThe First PPP Loan Payments Are Coming Due: Here’s What You Need to Know
At a glance: The main takeaway: The first Paycheck Protection Program loans (particularly those distributed in spring 2020) are coming due for repayment. Impact on your business: You need to understand your forgiveness window and the appropriate applications to request forgiveness, otherwise you’ll have to start making monthly payments of principal and interest. Next steps:…
Read MoreWhat COVID Relief Options Are Still Available to U.S. and U.K. Businesses?
At a glance: The Main Takeaway: The U.S. and U.K. governments have started to phase out and put end dates on popular economic relief programs for businesses, due to increasing vaccination rates. Impact on Your Business: Though deadlines have been extended, funding for some programs is minimal, so it’s important to apply now and take…
Read MoreClaiming the ERC? You Might be Able to Cash In Sooner Than You Planned
30 Second Summary Contact Aprio’s ERC team to determine if filing Form 7200 is right for you. The full story on the ERC advance: Did you know you can receive advance payments for the Employee Retention Credit (“ERC”)? Filing Form 7200allows businesses to request advance payments from the IRS before the close of a quarter. This can…
Read MoreHow to Maximize your ERC and R&D Credit Values
At a glance: Don’t undermine your business’s potential benefits or risk non-compliance by failing to strategize your tax credit approach. Aprio can help you create a holistic tax credit strategy that’s always aligned with the latest official guidance. The full story: With potential credit values of up to $33,000 per employee across 2020 and 2021, the…
Read MoreThere’s No Free Lunch: What PPP borrowers should be aware of to avoid future problems
At a glance: The Main Takeaway: Between the pressure to distribute funding and the vast increase in the number of new applications, the Paycheck Protection Program (PPP) is ripe for fraud. Impact on Your Business: If you don’t have a solid understanding of the PPP, then you’re at risk for either breaking the rules or…
Read MoreThe American Rescue Plan Act of 2021 Passes, Providing Relief for Restaurants
30-second summary: $28.6 billion in relief funding for restaurants – President Biden signed the American Rescue Plan Act of 2021 (ARPA) to support restaurants The Restaurant Revitalization Fund (RRF) grants – will become available 60 days after the signing of the ARPA by President Joe Biden which occurred on March 11. Learn if your restaurant…
Read MoreFAQs: Applying for the Restaurant Revitalization Fund Grant
At a Glance: On April 17, the U.S. Small Business Administration (SBA) released its landing page about the Restaurant Revitalization Fund (RRF) grants, serving as a comprehensive guide to the program. The SBA has also released a sample RRF grant application. The application portal could be open as soon as May 1, 2021. On April…
Read MoreControlled 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 ERC aggregation rules…
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