PPP Loans and Employee Retention Credits: The Basics
As of December 2020, there were 11,475,003 Paycheck Protection Program (PPP) loans, with the average loan being $69,087.
In addition to the PPP, businesses have the opportunity to take advantage of employee retention credits. This is a special credit for helping businesses maintain workers during COVID-19. Surprisingly, only eight percent of business owners took advantage of this tax credit in 2020.
If you are not familiar with these programs for assisting businesses suffering a loss during the pandemic, keep reading. We are going to explain what each of these programs is, how to apply, and answer “Can I get both PPP and Employee Retention Credit?”