PPP – Jan 2021
A MESSAGE FROM CEO DAVE WEIL
To All Our Valued Customers,
I hope this finds you, your family, and your employees healthy and well. I am writing today to bring to your attention some financial relief you may not be aware of, as well as say thank you for your continued partnership in this challenging year. With the rollout of the vaccine, brighter days should be in front of us during the second half of the year. In the meantime, we understand it may be financially difficult for many of you. We will continue to support you.
Fortunately, Congress passed a new pandemic financial relief bill on December 27th. As most of you already know, this law provides for more PPP loan money. What many don’t know, however, is that it also significantly increases the ability of employers to financially benefit from what is called the Employee Retention Credit. I strongly recommend that you all look into this credit. If you use an outside payroll service, they should be able to help you claim it starting in 2021. It is available NOW and can save you money immediately. And you may be able to retroactively make a claim for 2020 as well.
The document link below offers a .pdf summary explanation of how the credit works. Be aware that there are limitations on taking this credit and using PPP loan money to fund your payroll. Your tax adviser should be able to explain how this credit could benefit you, as well as explain potential strategies for maximizing your combined benefit from both the credit and a PPP loan.
Looking forward, I am excited about the initiatives we have on the horizon. We plan to implement a new website with enhanced customer capabilities later this year. And we are very proud of the addition of our new MedicA+ division, which offers a PPE product line. What started out providing medical gowns to a hospital in desperate need back in March has now turned into a separate division that allows us to help our country get through this pandemic. We remain dedicated to assisting you as much as possible and together we will make 2021 a successful year.
Feel free to contact me at any time if you have any questions or concerns about this or any other matter.
Dave Weil, on behalf of the A+ Family