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ERC and PPP Loans  


Joined: 8 months ago
Posts: 1
18/05/2020 11:00 am  

Does anyone have any intel on whether you can take the ERC credit if you receive a PPP loan? my boss is saying that the PPP loan is "only" for 8 weeks, and that you can take the ERC for the time before and after the PPP loan is in affect.  Our CPA says that if you take the PPP loan you do not qualify for the ERC credit at all.  And it is pretty much written out as such in the instructions for the 7200 form.

What can I do to convince him that he can't double dip?  

 Casey Stokes
(@Casey Stokes)
Joined: 6 months ago
Posts: 17
18/05/2020 1:05 pm  

I don't know any of the rules for 100% sure, but from what i have read and the CPA's i work with have said, you can't take both.  When clients have asked me which would be the best for them, i have referred them to their CPA's, to help them make the best decision, for their financial situation.  

I would show him the rules, and recommend his CPA' discusses the options, and possible consequences of the different situation.  If that doesn't change his mind, I assume at some point in time, there will be consequences, for those who don't follow the rules.  Keep copies of your communications with him on this topic, so he doesn't try to blame you.

Joined: 3 weeks ago
Posts: 1
19/05/2020 9:51 am  

@Casey Stokes Thank you for your reply.  I think I finally got it through to him that he can't take both.  After arguing with him all last week, he came in yesterday and pretty much said "well you can't blame me for trying".  To say that I wanted to sew his lips to his toes would be an understatement. LOL  

I have a physical file about 2 inches thick of documentation, not to mention what I have on the computer.  I learned to CMA a long time ago with this man (I've worked here almost 34 years)  He tends to forget a LOT.


Thanks for your reply


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