Making the Most of the Paycheck Protection Loan Forgiveness (PPP Loan) and ERC (Employee Retention Credits)

Did you know: How you fill out the PaycheckSmall buisness owner filling out apaycheck protection program loan forgiveness application Protection Program (PPP) Loan Forgiveness application affects the amount of the ERC tax credit you receive?  This amounts to thousands of dollars!

When filling out your loan forgiveness application, make sure that you are choosing the proper covered period so you can maximize the tax break that your business receives from the ERC credits. Not sure how? We can help. From consultation to spreadsheets to help you make sure your calculations are accurate. Contact us or schedule a time to talk.

Our accounting practice has always focused on supporting small businesses, and we're working particularly hard during this time to help businesses survive and thrive again.

Check out our latest posts regarding the Paycheck Protection Program PPP loan and loan forgiveness:

PPP Round 2 is Here!

By Valerie McLaughlin | December 28, 2020

It’s going to take us many weeks to digest everything in the Coronavirus Relief & Omnibus Agreement that the President signed Sunday night. PPP Round 2 […]

Some PPP Forgiveness News…

By Valerie McLaughlin | October 13, 2020

You might have seen some rumors on this already, but I wanted to help make everything clear for you… A few weeks back I told […]

Will PPP Loans and EIDL Advance be Taxable?

By Valerie McLaughlin | July 7, 2020

PPP Loans The IRS has clarified that if your loan money is forgiven, it won’t be considered taxable income. BUT, nor will it be eligible […]

PPP Loan Forgiveness Applications Due Dec. 31, 2020 – But Please Don’t Wait Until the Last Minute!

By Valerie McLaughlin | July 6, 2020

While the deadline gives everyone some breathing room, there are several different permutations that will be calculated to determine the best way for you to […]

More PPP Guidance Released by the SBA

By Valerie McLaughlin | June 23, 2020

The SBA has issued more clarifications on the PPP… YES, it continues to get more complex. See the details below and please contact us if […]

Every Small Business Owner Needs a CFO – Especially Now

By Valerie McLaughlin | June 17, 2020

As a small business owner, you may not feel you can justify the expense of a full time CFO. But there are times you absolutely […]

SBA Clarifies Last Week’s PPP Legislation

By Valerie McLaughlin | June 10, 2020

When the latest PPP legislation passed last week, it eased a number of restrictions, making far easier for businesses to qualify for loan forgiveness. While […]

PPP Restrictions Eased – New PPP loan Legislation Just Passed

By Valerie McLaughlin | June 9, 2020

GREAT news if you have a PPP loan or are still considering applying for one.  Congress moved quickly this week, and the president JUST signed […]

SBA Releases PPP Loan Forgiveness Application – Key Takeaways

By Valerie McLaughlin | May 18, 2020

The SBA has released the much-anticipated form for businesses to apply for PPP Loan Forgiveness. The 11-page application goes a long way to resolve many of the questions and concerns businesses had anxiously wondered about loan forgiveness.

Less than $2 Million Borrowed? Yes, You Meet the Good-Faith Certification Test

By Valerie McLaughlin | May 14, 2020

Many business owners were nervous about taking the PPP loan because it was unclear if you could demonstrate the need for a loan if you […]