Myth #1: My business received the Paycheck Protection Program loan, so I don't meet the criteria Initially, an employer could not qualify for the ERC in addition to the Paycheck Protection Program (PPP). The Relief Act created in December 2020 transformed this rule retroactively all the way back to March 27, 2020, letting eligible employers to apply the ERC on any qualified salaries that are not counted as salaries costs in acquiring PPP loan forgiveness. Any wages that could count towards eligibility for the ERC or PPP loan forgiveness may be put on both of these 2 programs, but not necessarily both. Myth #2: It’s too late for my business to apply the credit In case your enterprise recovered from a considerable decline in gross receipts as and you didn’t previously apply for the credit you may still file for a retroactive ERTC refund. Regardless of the expiration date of October 1, 2021, you can easily still take advantage of the employee retention tax credits if your business is eligible. ertc advance payment have three years after the program ends to look back at salary paid after March 12, 2020 throughout order to identify eligibility.
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