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​New Updates to COVID-19 Relief Effective January 2021:
​Employee Leave
Employers with fewer than 500 employees are no longer mandated to provide COVID-19 related sick leave for employees, but can still receive payroll tax credits through March 31, 2021 if they do so voluntarily.
Mandatory Paid Sick Leave Ended, but Tax Credits Continue: What Employers Need to Know, source Chambliss Law 
Update on  Employers’ Obligations for Covered Employee Sick Leave Under Families First, source Smith, Currie & Hancock

Paycheck Protection Program
The Small Business Administration has started rolling out the $284 billion second wave of PPP (effective January 11)  to cover business costs for job retention and other expenses  from January 1 through March 31, 2021.

• The form for loans under $150K have been simplified.
• Businesses that received PPP last year are eligible for this phase of funding as long as they have exhausted the authorized funds received.
• The loans can cover costs during any time frame between 8 and 24 weeks 
• Additional expenses like business operations, property damage costs, supplier costs, and worker protection expenditures will be eligible
• Eligible companies have less  than 300 employees and can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. 

Source for above PPP summary: Chattanooga Chamber of Commerce Public Policy Update
Small Business Administration's Paycheck Protection Program Overview and Application
Simplified PPP Forgiveness Application for Loans Under $150K. Source HHM CPAs

Employee Retention Credit Program
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.  
Eligible employers:

• Received PPP funds in 2020 and had fewer than 100 FTEs;  OR
• Paid people in 2020 who were NOT working while receiving pay; OR
• Have fewer than 500 FTEs and expects revenue to be down 20% or more in Q1 2021 as compared to Q1 2019 OR as compared to Q4 2020.

Elliott Davis can help you in determining if you should pursue credits through the Employee Retention Credit program through their complimentary Discovery Phase. Fill out a short survey linked here. 
Source: Elliott Davis
IRS Overview of Eligibility, Qualified Wages and More

AGCA's Lawsuit Against SBA
FYI ... AGC of America has filed a lawsuit against the SBA on its proposed PPP questionnaire that may retroactively evaluate “the need” for PPP on loans distributed in excess of $2 million last year.  The SBA’s questionnaire is currently drafted in a way that will assess the borrowers need after the loan was requested, and not during the uncertain financial times when the application was submitted.  We will keep members apprised as this unfolds.