New Year, New Rules: How Changes to PPP and the Employee Retention Credit Affect Trucking
The latest round of federal COVID-19 relief was signed into law on Dec. 27, 2020. The Consolidated Appropriations Act, 2021 contains important provisions that change the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC). These changes will result in substantial savings for most carriers, including deductibility of ordinary business expenses paid with PPP funds and expanded eligibility and larger credits for the ERC.
Ben Lyon, partner, and Nathan Potter, director, with Katz, Sapper & Miller’s Transportation Services Group joined the Indiana Motor Truck Association for a webinar discussion that highlighted the provisions of the Consolidated Appropriations Act, 2021 that could have the greatest impact on the trucking industry.
Topics covered include:
- Deductibility of PPP Expenses
- Simplified PPP Application
- Overview of Second PPP Draw Loans
- Expansion of First PPP Draw Loans
- Overview of ERC Changes
- Retroactive ERC Credit Rules
- 2021 ERC Credit Rules
Keeping you updated on COVID-19 and its impact on businesses and individuals.