For the 2020 tax year, a business is eligible for a credit of up to $5,000 per employee per year if they are (1) affected by a government mandated shut down or (2) have a 50% drop in Gross Receipts in any quarter compared to 2019 in addition to the PPP loan, but wages paid with PPP funds cannot be applied to the credit calculation. Contact us if you have any questions.
