Updated December 2021: Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.

The deadline to apply for first- or second-draw Paycheck Protection Program (PPP) is May 31, 2021. Here are some important reminders as the deadline approaches:

What is a PPP Loan?

A PPP loan is a loan provided by the U.S. Small Business Administration in response to the financial crisis many small businesses continue to face due to the ongoing COVID-19 pandemic.

PPP loans can be used to:

  • Help fund payroll costs, including benefits
  • Pay for mortgage interest, rent, utilities
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