As a business owner, you’ve likely been bombarded with information on how to best manage your business in the wake of the COVID-19 pandemic. A network of laws under the Families First Coronavirus Response Act (FFCRA), CARES Act, Consolidated Appropriations Act, and American Rescue Plan Act can help provide you payroll relief and manage your liquidity – but working through the complex requirements and understanding the connections between all these rules can leave your head spinning. Knowing those interactions can work to your advantage. From the complexity of the relief provisions to advising on ways to obtain payroll tax credits, we can help you find the right path for your business.
Did you know that even if you had a Paycheck Protection Program (PPP) loan at any point, you could now also be eligible for the CARES Act ERC?
Our technical specialists can guide you through the required IRS substantiation for each step of the process, from determining eligibility, to establishing qualified wages, to claiming the ERC for each relevant quarter.
You can cross any one or a combination of these paths to create the right financial mix for your needs. Here’s a quick breakdown of available relief:
FFCRA mandated leave payroll tax credit
CARES Act ERC
CARES Act PPP loan & forgiveness
American Rescue Plan Act COBRA subsidy payroll tax credit
Refundable, advanceable payroll tax credit for the COBRA subsidy mandated for eligible terminated employees during applicable period
Wages taken into account for the ERC cannot also be PPP payroll costs that are forgiven – but knowing the rules and definitions for each can help prevent leaving money on the table.
So how do you understand which options are right for your business and how to maximize the intersections between the legislation and related guidance – all while starting down the path to recovery?
We can answer these questions and more, using our deep knowledge of the legislation and related guidance, combined with our technical and government experience.
At Crowe, our team of tax specialists includes former government officials, who worked in the same offices that created this legislation and the related guidance. Our industry expertise will help you create the best possible path to maintaining and gaining liquidity for your business – and we’re here to help when you may need to change course along the way.
We're dialed in at key levels of government and have the expertise to counsel you in a variety of payroll relief options.
PPP loan forgiveness consulting
Substantiation and procedure suggestions
Get a process in place for gathering the correct documents for your claim. We can help your management team establish procedures and substantiate claims, as well as perform or review calculations. Substantiation is more important that ever, from establishing ERC eligibility to claiming the credit.
Payroll tax compliance advice
Our tool can help you manage the loan forgiveness process from start to finish.