Update on ERC and PPP Loans

Chris Wittich

Reminder that your PPP1 forgiveness applications are due 10 months after your 24 week covered period is completed.  For example a PPP1 loan that was funded April 19th the 24 week covered period ends October 3rd.  So the 10 month due date to submit forgiveness applications would be August 3rd.  There is plenty of time to work on the PPP1 forgiveness applications and we are here to assist with them.  We’ve helped hundreds of clients prepare their PPP1 forgiveness applications of all size.  Now is the time to work on them if you haven’t already submitted.

For PPP2 forgiveness we recommend waiting for the 24 week covered period to be finished before you consider preparing PPP2 forgiveness applications.  Once the 24 weeks have concluded we’d be happy to assist with your PPP2 forgiveness applications as well.

Employee Retention Credits are a huge opportunity to create cash flow for a business that struggled or was shut down or had operations restricted during the pandemic.  There are a number of ways to qualify and we can help you determine if your business qualifies and then do the calculations involved.  We have been helping a lot of clients now and are expecting to do 200 or more of these projects this year.  We are prioritizing the clients who are most in need, but are going to be getting to as many clients as we can this summer.  This summer and fall would be a great time to have us look into the ERC for your business both for 2020 and seeing about qualifying in 2021.  For more information on ERC or to fill out our intake sheet and guarantee that you are in the queue to be contacted about ERC work, please check out this video and fill out the intake sheet that is in the post.


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