URGING FEDERAL GUIDANCE ON PPP & ERTC INTERPLAY

NCACPA worked with Senator Richard Burr (R-NC) to help ensure that businesses could fully participate in the Paycheck Protection Program (PPP) and claim the Employee Retention Tax Credit (ERTC). Following our meeting with his legislative staff, Senator Burr co-signed a letter with Senator Maggie Hassan (D-NH) to encourage federal regulators to issue guidance making it clear that businesses can use PPP and ERTC assistance to keep workers on the payroll, so long as employers do not “double-dip” by receiving PPP forgiveness and claiming the ERTC for the same wages paid to employees. The following month, the IRS issued such guidance in Notice 2021-20. 

February 2021