Analysis of the interplay between COVID-19 payroll tax credits and the PPP
The Paycheck Protection Program (PPP) has ended, funds have been disbursed, businesses are spending the funds, and many financial institutions have opened their PPP loan forgiveness portals and are reaching out to borrowers encouraging them to apply for forgiveness. At the same time, businesses that received PPP loans are taking advantage of other COVID-19 benefits like payroll tax credits and other Small Business Administration (SBA) programs. Now is the time to take a deep dive into the forensics of PPP loan forgiveness and the interplay with payroll tax credits and the increased likelihood of an SBA or IRS audit.
This whitepaper on COVID-19 payroll tax credits and their interplay with payroll aspects of various SBA programs can be used as a forensic toolkit to help you better understand how to help your clients navigate the aftermath of COVID-19 legislation. It discusses the different SBA or IRS payroll relief programs granted, best practices and pitfalls to avoid, and will answer common questions like:
- Can IRS know whether a business received a PPP Loan?
- How should PPP money be spent to obtain full forgiveness?
- Can the SBA know if a business claimed the employee retention credit or other payroll credits?
- What are the recordkeeping requirements for payroll tax credits and SBA loan/grant funds?
- What is the likelihood of an audit by IRS or SBA?
Read this special report and get all the answers to your questions from the expert Checkpoint editors.