As a business owner, staying on top of the latest tax credits and deductions you may be eligible for is essential. You may have heard of one such credit: the employee retention credit (ERC). This credit was introduced in response to the COVID-19 pandemic and can significantly help affected businesses. But what if you've already participated in a COVID-19-related program, such as the Paycheck Protection Program (PPP) forgiveness loan? Can you still claim the ERC? The short answer is yes.
Most businesses that have claimed the PPP forgiveness loan can also qualify for the ERC. The ERC and the PPP forgiveness loan are separate programs with different eligibility requirements.
So, how can you claim the ERC if you've already claimed the PPP forgiveness loan? The process is relatively straightforward. First, you'll need to determine whether you're eligible for the ERC. Once you've qualified, you can claim the credit.
Schedule a complimentary consultation with us to see if you qualify: