Employee Retention Credit Under CARES Act - Spidell

Employee Retention Credit Under CARES Act

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Message Board Employee Retention Credit Under CARES Act

  • This topic has 1 reply, 2 voices, and was last updated 1 day, 1 hour ago by Diane White.
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    • #287159
      Brenda Calkins
      Participant

      yesterday I took the 2020/2021 Federal and CA tax update. On page 4-14 it states

      “employers who received a PPP loan ARE eligible for the credit. See discussion beginning on age 4-20a”

      Going to the Instructions for 941 Section 11C, page 12. States

      “An employer MAY NOT claim the employee retention credit IF the employer received the PPP loan”.

      So which one is correct?

    • #287275
      Diane White
      Participant

      With the passage of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021  just signed last month employers who received a PPP loan are now eligible to take the credit. The 2020/2021 Federal and CA tax update is correct. The IRS forms have not yet been updated with the change.

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