Originally part of the CARES Act, the employee retention credit (ERC) was created to encourage employers to keep workers on payroll. With recent relief packages expanding eligibility and timeframes, however, they’ve also become a good way to generate much-needed cash as the pandemic has worn on.

Join James Moore partner Stacy Joyner and client service director Rebeca Denahan for “Understanding the Employee Retention Credit.” Areas to be covered include:

• Review of the employee retention credit and how it works
• Eligibility and qualifications
• How the credits interact with PPP loan forgiveness
• Applying for 2020 credits
• Changes applicable to 2021

Learn more about the Employee Retention Credit by visiting our COVID-19 Resources page: https://www.jmco.com/covid-19-resources/

When the American Rescue Plan Act (ARPA) of 2021 was signed into law on March 11, it brought a slew of relief measures to help individuals and organizations as the coronavirus pandemic stretches on. From stimulus payments to business grants, tax credits to loan discharges, these provisions are meant to aid those feeling the greatest financial impact from COVID-19.

Join James Moore partners Erin Spiwak and Mike Sibley as they explain the ARPA and what it could mean for you. Points of discussion include:
• Tax credits (rebate recovery credit, expanded child tax credit, expanded childcare credit, employee retention credits)
• Targeted economic injury disaster loan advances
• Restaurant revitalization grants
• Unemployment compensation and tax impacts
• Student loan discharge and taxation
• Revised PPP loan calculations for Schedule C filers
• General reminders on upcoming deadlines

Learn more about The American Rescue Plan Act by visiting our COVID-19 Resources page: https://www.jmco.com/covid-19-resources/​

The application form for PPP loan forgiveness has finally been released! There are several measures and exceptions involved in this critical part of the PPP, so it’s important to get all the details so your application goes smoothly, and to ensure you maximize your loan forgiveness.

Check out our complimentary webinar as we discuss PPP loan forgiveness and the process to apply. Our CPAs go over the application itself, demonstrating our in-house loan forgiveness tool and walking you through a step-by-step example of the calculations involved. They also discuss the most current guidance available, how non-COVID layoffs (like terminations for cause or voluntary resignation) come into play, and more.

The Paycheck Protection Program is back in the spotlight! On this COVID-19 Power Lunch, James Moore & Company partners Mike Sibley and Erin Spiwak briefly discuss the forgiveness application for the EZ form vs. the extended form. They'll also provide an update on other key points of forgiveness.

The U.S. Small Business Administration has released a new, more "borrower-friendly" PPP Loan Forgiveness application. James Moore & Company partners Erin Spiwak and Mike Sibley are on hand to review the changes in this special Wednesday edition of our Power Lunch. They'll also discuss new guidance relating to the self-employed.

- The new forgiveness form 3508EZ and the qualifications for using it.
o If qualifications aren’t met, must use long-form with additional calculations
- The new guidance from last week on Owner compensation –
o Limited to 8 weeks of 2019 net profit up to 15,385 or
o 2.5 months of 2019 net profit up to 20,833 for 24 weeks
o Makes it clear if the schedule C also had an employee who was let go that portion of the loan won’t be forgiven
o It does not address owner compensation as it relates to Corporations so we are waiting to hear if there will be differences there.
- Reminders –
o Can elect 8 weeks if loan made before June 5th otherwise its 24 weeks
o Payroll costs need to be a least 60% of the total and other overhead costs at 40%
o Many banks are targeting July before applications can be submitted.

Check out our on-demand webinar on PPP loan forgiveness and the process to apply. During the webinar, our CPAs go over the application itself, demonstrating our in-house loan forgiveness tool and walking our listeners through a step-by-step example of the calculations involved. They also discuss the most current guidance available.

Register now: https://bit.ly/PPPLoanForgivenessRegi...

Learn more about PPP Loans by visiting our COVID-19 Resources page: https://www.jmco.com/covid-19-resources/

Join our mailing list for up-to-date information as additional guidance is released: https://www.jmco.com/insights/