Transactional Tax Planning associate Mitchell Fagen spoke with Bloomberg Law on some of the "expanded tax perks" in the latest round of Paycheck Protection Program (PPP) funding. One of the most remarkable changes is the ability to receive a PPP loan and claim the employee retention tax credit, as opposed to the first round where a company had to choose one or the other. Mitchell noted that it is up to businesses to take advantage of the government's efforts to "extend lifelines to businesses." He stated, "The government is spending a lot of money to help businesses survive this time, and help the economy recover. [Businesses] should all try their best to take advantage of it as well as they can, to the greatest extent that they can." ("Generous Tax Perks Blossom in New Relief Loan Funding Round," January 14, 2021)
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