The Next Hurdle in your ERC Claim: Financial Reporting

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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…

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Controlled Groups: What You Need to Know about the ERC

30 Second Summary: Controlled groups can claim the ERC, too, but special rules may impact your eligibility Aggregation rules require members of a controlled group to calculate the ERC as a “single employer.” Contact Aprio’s dedicated ERC team to assess your eligibility and understand the impact your company structure may have on your credit. The Full…

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SBA Updates Guidance on Calculating PPP Loan Amounts

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On January 19, 2021, the U.S. Small Business Administration (SBA) provided the guidance, “How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide,” which offered clarity around Second Draw Paycheck Protection Program (PPP) Loans. This release follows the SBA’s  January 17th update to the guidance, “How to Calculate Maximum Loan Amounts…

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SBA Establishes Procedures for Increasing First Draw PPP Loans

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On January 13, 2021, the U.S. Small Business Administration (SBA) issued a Procedural Notice (the Notice) – First Draw Paycheck Protection Program (PPP) Loan Increases After Enactment of the Economic Aid Act (the Economic Aid Act). The Notice The Economic Aid Act, a component of the Consolidated Appropriations Act, 2021, changed the existing PPP rules…

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SBA Announces PPP Portal Access for All Lenders

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On January 13, 2021, the U.S. Small Business Administration (SBA) announced that the portal to accept Paycheck Protection Program (PPP) loan applications will extend their re-opening to be available to small lenders on Friday, January 15, 2021, and to all lenders on Tuesday, January 19, 2021. Lenders eligible for application on January 15th are those…

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