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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?
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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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