The 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…

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The 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:…

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How to Maximize your ERC and R&D Credit Values

At a glance: Taking a stance: Aprio’s interpretation of official guidance supports that businesses may use the same wages for both ERC and R&D credits for 2020, but there’s no double-dipping for 2021. Impact on your business: Companies claiming the ERC and R&D will see no impact now but could see a decreased R&D credit for the…

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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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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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