PPP versus ERC

PPP versus ERC

Mike Chonka Mike Chonka

Mike Chonka

Facing marginal compression?

发布日期: 2021年6月19日
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Do lenders get paid for PPP loans?

For second-draw PPP loans, lenders will receive a 50% processing fee or $2,500, whichever is less, for loans of not more than $50,000; a 5% processing fee for loans of more than $50,000 and not more than $350,000; and a 3% processing fee for loans above $350,000. The PPP is structured for the lenders, not the business owners.

ERC (Employee Retention Credit) is structured for the business and is not to be paid back.

Q: Who qualifies for an Employee Retention Credit check like the one a DCI client with 40 employees got in her mail Yesterday?

A: Not for profits and for profit with 5 to 500 employees and which one of three criteria:

1) Partially closed for five weeks or longer during Covid OR...

2) Revenue down 20% during Covid                

OR...

3) Supply chain disrupted/slowed by 30 days or more. 

The above image is from a company that was awarded $234493.68 this week. This is not to be paid back to any lender.

Which would your company benefit from, PPP of ERC?

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