Congress extended and expanded certain provisions of the original CARES Act by passing The Consolidated Appropriations Act of 2021 (the 2021 Appropriations Act) in late December. It includes guidance related to both the latest round of Paycheck Protection Program (PPP2) and the Employee Retention Tax Credit (ERTC). Stipulations on this latest round of provisions can be both overwhelming and confusing. LaPorte recently hosted a webcast to walk viewers through the guidance and help them understand how to make the most of the significant relief offered through the 2021 Appropriations Act.
In the webcast recording below, LaPorte Tax Senior Manager Jack Wiles, CPA, and Accounting Services Director Steven Sissac, CPA, provide an overview on key provisions of the Act including:
- New rules related to the taxation and forgiveness of PPP Loans
- A new round of funding for the Paycheck Protection Program (PPP2)
- Opportunities for some small employers to claim the ERTC retroactively to March of 2020
- Parameters for the extension of the ERTC until July 1, 2021