It’s 70% of the first $10,000 in payroll per employee. If you didn’t get the 2nd Draw PPP then we can just claim it for the entire quarter. If you received the loan proceeds on February 15th, then only the payroll after that date will count for loan forgiveness.ģ – If you would like to take advantage of the Employee Retention Credit, then we will need to plan for that as well. The dates on the payroll and the amounts become important. As such, we would need to file zero returns.Ģ – If you received a 2nd Draw PPP Loan, then we will need to show the necessary payroll to have it forgiven. There are five scenarios that need to be considered.ġ – You claimed unemployment. Given all of the new opportunities with the stimulus money, it means that we all have some decisions to make. It’s the beginning of April, which means that it’s time to do the 1st Quarter Payroll Tax Returns.
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