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Posted on March 8, 2021 at 7:02 PM by Regina Roberts
a. Paycheck Protection Program (PPP) - PPP loans may be forgivable if certain conditions are met.
b. Economic Injury Disaster Loans (EIDL) - Per the Internal Revenue Service (IRS), any forgiven Small Business Administration (SBA) loan should be included in taxable income.
c. Employee Retention Credit - Up to 50% credit, if you have employees that were kept employed during the pandemic.
d. Review all new credits - First Coronavirus Response Act, Small Employer Health Insurance Premium Credit and Work Opportunity Tax Credit.
e. Deferral of employer payroll taxes.