Paycheck Protection Program (PPP) loans can be forgiven even if your laid-off employee(s) refuse to return to work at the same hours and pay, according to an announcement by the US Treasury Department. Companies in this position will not be penalized with a reduced loan forgiveness amount.
Khushbu Doshi’s favorite part of her job is that she gets to constantly face new challenges in various areas of her work. Whether she is helping a client develop solutions for their business, or navigating changes to tax and audit laws, Khushbu relishes being able to deliver results that exceed client expectations. One of Khushbu’s recent wins was helping a client save almost $400,000 in taxes.
To help manage to the impact of the coronavirus (COVID-19) pandemic, many employers who operated a business during 2020 can claim the refundable Employee Retention Credit (ERC) payroll tax credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The credit is equivalent to 50% of wages paid during the COVID-19 crisis.