SBA Office of Advocacy Small Business Virtual Tax Roundtable: Paycheck Protection Program (PPP) Tax Issues and Employee Retention Credit (ERC) Update
Friday, February 19, 2021
10:00 a.m. – 12:00 p.m.
Via Microsoft Teams Live Event
Please RSVP to charles.jeane@sba.gov (a meeting link will be provided to you after you RSVP)
Agenda*
- Welcome and Introduction of Small Business Representatives (10:00 a.m. – 10:10 a.m.)
Charles Jeane, Assistant Chief Counsel, SBA Office of Advocacy
- Updates on PPP tax issues and the ERC (10:10 a.m. – 11:10 a.m.)
Deborah Walker, National Director, Compensation & Benefits with Cherry Bekaert
Andrew McLaughlin, shareholder with Stearns Weaver Miller
- Question and Answer Period (11:10 a.m. – 11:40 a.m.)
- Open Discussion/Other Small Business Issues (11:40 a.m. – 12:00 p.m.)
* Roundtable meetings are open to all interested persons, except the press, to facilitate an open and frank discussion about issues of interest to small business. Agendas and presentations are available to all, including the press. Anyone who would like to receive roundtable agendas or presentations, or be included on the regular distribution list, should contact charles.jeane@sba.gov. The purpose of these roundtable meetings is to exchange opinions, facts, and information and to obtain the attendees’ individual views and opinions regarding regulatory and policy issues impacting small business. The meetings are not intended to communicate or achieve any consensus positions of the attendees.
Topic Summaries
- Updates on PPP tax issues and the ERC after the Consolidated Appropriations Act, 2021. The Consolidated Appropriations Act, 2021 brought about needed tax relief for small businesses, including the allowance of the deduction of business expenses paid with forgiven or forgivable PPP loans and updates to the ERC. The ERC can now be used for 2020 and 2021 and can be claimed even if the employer received a PPP loan. We will discuss the tax updates for the PPP and the eligibility requirements for the ERC and how it now works in conjunction with the PPP.
Speakers:
- Deborah Walker is the National Director of Cherry Bekaert’s Compensation & Benefits Solutions group. She provides executives and employers guidance on short- and long-term incentive compensation arrangements, both domestically and internationally; tax controversy issues related to employment taxes and compensation items; qualified retirement plans; health benefits including healthcare reform; and other fringe benefits such as expense reimbursement arrangements, concentrating on federal tax consequences and achieving strategic business goals. As a subject matter expert for Cherry Bekaert, a regional accounting firm serving many small businesses, Deborah advises business owners and businesses on the employee retention credit and applying for and asking for forgiveness of PPP loans. Deborah is also a Small Business Council of America (SBCA) member. Before joining Cherry Bekaert, Deborah was a partner at two Big Four firms and Deputy to the Benefits Tax Counsel in the Office of Tax Policy at the U.S. Treasury Department, developing an extensive understanding in the creation of legislation and regulations. She is the author and co-author of many articles discussing compensation and benefits issues and has recently served as Chair of the AICPA Employee Benefits Conference, an annual conference for CPAs practicing in the employee benefits area.
- Andrew W. McLaughlin is a shareholder with Stearns Weaver Miller. As part of his practice, he represents employers in labor, employment, and employee benefits matters. He represents private, public, and non-profit employers in labor, employment discrimination, restrictive covenant, minimum wage/overtime, employment contract, and employee benefits related litigation. He also provides clients with proactive advice regarding their HR practices, including assisting in the administration of their employee benefits plans. Additionally, Andy has assisted numerous small businesses navigate the challenges posed by COVID-19. As part of this practice, he has advised clients regarding the various relief programs available to businesses including the Payroll Protection Program, Employee Retention Tax Credit, and other programs related to COVID-19. Andy has an LL.M. in Taxation and a Certificate in Employee Benefits.
- Open Discussion/Other Small Business Issues. A general discussion and open forum to discuss other current events and regulatory topics of specific interest to small business, including items on Treasury’s Regulatory Agenda, draft proposed and final rules pending review at OMB, and other pending policy and regulatory actions.