Many business interests from around the country are applauding bipartisan legislation filed in Congress this week that would restore the Employee Retention Tax Credit (ERTC) retroactive to September 30, 2021. You will recall the ERTC was passed as part of the CARES Act back in 2020 to help businesses retain workers during the shutdowns of…
Read More »Notwithstanding the fanfare with which DOL announced the ETS and its subsequent withdrawal (as detailed above), there was very little notice made about a new joint guidance issued by DOL along with the Departments of Health and Human Services (HHS) and Treasury requiring employer health plans – whether fully insured or self-insured – to cover…
Read More »The Internal Revenue Service (IRS) has issued guidance for employers regarding the retroactive termination of the Employee Retention Tax Credit (ERTC). As you know, when it was first introduced as a part of the CARES Act back in 2020, the ERTC applied only to 2020 as it was scheduled to sunset on December 31, 2020.…
Read More »Notwithstanding the deep political divisions that continue to fester in the Nation’s Capital, there seems to be bipartisan agreement about correcting one major problem for small business by reinstating the business-friendly Employee Retention Tax Credit (ERTC). Republicans Carol Miller (R-WV) and Kevin Hern (R-OK) joined Democrats Stephanie Murphy (D-FL) and Terri Sewell (D-AL) in filing…
Read More »One of the perhaps more impactful provisions in the bipartisan infrastructure bill that was released by Senators this past Sunday would end the employee retention tax credit (ERTC) as of September 30. The ERTC is a refundable tax credit equal to 50% of payroll-related costs up to a maximum credit of $5,000 per employee for…
Read More »Last Saturday marked the beginning states rejecting additional federal funds to pay unemployment premiums to those who’ve yet to return to work as four states (Alaska, Iowa, Mississippi and Missouri) stopped the bonus as of June 12. All told, 25 states will actually cease the payments before the formal federal expiration scheduled for September 6.…
Read More »In the hope of making its Main Streets Lending Program more attractive – and more useful – to small businesses suffering through the coronavirus pandemic, the Federal Reserve has again changed the eligibility criteria. The new minimum loan size to participate in the program has been reduced to $100,000. Initially, the Main Street program was…
Read More »For employers who may have chosen to defer the withholding of the employee share of social security payroll taxes, there is a new guidance available. The Treasury Secretary was directed to authorize the deferral by a presidential memorandum issued by President Trump on August 8 and finalized the deferral of the employee share from September…
Read More »Last week we reported on the Senate blocking the so-called skinny bill, which would have provided some refunding the PPP and limited liability protection for businesses and health care providers along with some school funding. Well, despite some political rhetoric to the contrary, there is very little, if any, movement in Congress and it is…
Read More »Earlier this week, Senate Republicans formally filed their long-awaited latest version of a “Phase 4” economic relief package, titled the “Health, Economic Assistance, Liability Protection and Schools (HEALS) Act”. The bill contains many of the key legislative priorities that we were working to include, but much work is still needed and there will be lengthy…
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