The Treasury and IRS are providing a gross receipts safe harbor for employers seeking to claim the Employee Retention Credit (ERC), allowing the exclusion of certain amounts in determining eligibility for the credit.
New guidance provides a safe harbor for PPP loan deductions for businesses that received PPP loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.
The SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”
