HSC CORONAVIRUS C
OMMUNICATION
Edition #34
February 8, 2021
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HSC COVID-19 Fast Response Team
We are here to help!
In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a
Coronavirus Resource Center on our website for ongoing information.
In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals.
If you have questions or would like to speak with this team, please contact your HSC team member or
Kyle Wininger,
CPA, CICA, CVA, CFE at
kwininger@hsccpa.com.
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Important Planning Opportunity For Companies Eligible for both PPP Loans and the Employee Retention Credit
As we continue to work with companies regarding the various stimulus programs available as a result of the Consolidated Appropriations Act (CAA) signed on December 27th, 2020, we wanted to share a planning tip for companies that qualify for both PPP loans (round 1 or round 2) and the newly expanded Employee Retention Credit program (ERC).
The CAA made important changes to the Employee Retention Credit Program that expanded the availability of this credit to many companies that were not previously eligible under the CARES Act. If your business qualifies for both PPP and ERC (see attached flow charts to evaluate your eligibility), planning may help you maximize your benefits from the programs. The following are important to consider when executing your plan:
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Timing of when to apply for and receive PPP funding.
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Timing of wages paid in the PPP program covered period to ensure as many wages as possible remain eligible for the Employee Retention Credit.
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Optimizing which eligible expenses to use when applying for PPP forgiveness.
Evaluate your company’s situation and should you determine that you are eligible for both programs, carefully consider how they interact with each other to maximize your benefit. We are available to consult with you on these programs should you need assistance. Please reach out to your contact at Harding Shymanski if you need assistance.
Employee Retention Credit 2020
Employee Retention Credit 2021
PPP Flowchart 2021
For additional information please contact Matt Folz
mfolz@hsccpa.com, Scott Touro,
stouro@hsccpa.com, Trudy Stock,
tstock@hsccpa.com or Kyle Wininger,
kwininger@hsccpa.com or by calling 812-464-9161.
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Harding, Shymanski & Company, P.S.C. is a public accounting firm with offices in Evansville, Indiana, and Louisville, Kentucky. We are one of the largest accounting firms in Southern Indiana and Kentucky, providing experienced professionals who look beyond the numbers to the heart of complex issues. Our clients range in size from small proprietorships to billion-dollar corporations, from closely-held and family-owned businesses to publicly traded firms, and span nearly every industry. They all have one thing in common: they count on our expertise to capitalize on their opportunities and make the best of their challenges.
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Evansville Office
21 SE Third Street
Suite 500
Evansville, IN 47708
(812) 464-9161
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Louisville Office
545 S Third Street
Suite 102
Louisville, KY 40202
(502) 584-4142
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As a reminder, you are receiving this email because you are a valued client of Harding, Shymanski & Company, P.S.C. For more information on our company, please
visit our website.
Harding, Shymanski & Company, P.S.C
Office locations
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