Best Wishes for a
Happy, Healthy, and Prosperous New Year
January 2021
Employee Retention Credit Modification per the Consolidated Appropriations Act of 2021
Ellen Marvin, SobelCo
Karen Henderson, CPA, SobelCo
The Consolidated Appropriations Act, 2021 (CAA) which was signed into law on December 27, 2020, modified a number of employer payroll credits previously enacted.

The modifications to the Employee Retention Credit (ERC) are some of the most time sensitive contained within the CAA. These modifications to the ERC are included in the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR). The TCDTR addresses that those employers who previously received Paycheck Protection Program (PPP) loans may be eligible for the ERC. For eligible employers, the ERC may be claimed retroactive effective for qualified wages paid after March 12, 2020 and before July 1, 2021.
What's New at SobelCo
Look what's new this month at SobelCo




More Guidance on Round Two of PPP
Chris Martin, CPA, SobelCo
As round two of Paycheck Protection Program (PPP2 or PPP Second Draw) rolls out, it is clear that the information available can be overwhelming.  Given all the details and guidance that have been provided by the U.S. Treasury and the Small Business Administration (SBA), we offer this summary to highlight the key points that we believe are integral to the program and of most relevance to you as a business owner or management when completing the loan application.   

Remember that it is imperative that you document all calculations and decisions that are made, including your rationale, when filling out your loan applications and maintain meticulous files throughout the application process. While you may not be required to provide some of this information at the time of your application, it may be requested by your bank or the SBA during the forgiveness process, or upon audit. Specific eligibility requirements for both the First Draw and Second Draw PPP loans can be found at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
Webinar Recording
Round Two of PPP: What's Next Webinar Recording
Round Two of PPP: What's Next
Webinar Recording
If you missed, want to replay, or share with a colleague the SobelCo webinar from January 21, 2021, please click on the link below.