The Impact of PPP Forgiveness and the Employee Retention Credit (ERC) on Government Contracts: What Small Business Government Contractors Need to Know

The Coronavirus Aid, Relief, and Economic Security (CARES) Act at the start of the pandemic was a lifeline for millions of small businesses in the U.S. The Paycheck Protection loan program (PPP) and the Employee Retention Credit (ERC) provided relief and cash for all kinds of small businesses, but for government contractors, the confusion and changing guidance and interpretations has caused much consternation, stress, confusion, and frustration.

Now, almost two years after the initial programs were put in place, there is still confusion.

Listen to Susan Moser, Advisory Partner and leader of Cherry Bekaert’s Government Contracting industry practice, Martin Karamon, a Tax Services Principal and leader of Cherry Bekaert’s Tax Credits and Incentives Advisory practice, Brynn McNeil, an Assurance Partner in the Firm’s GovCon practice, and Eric Poppe, a Managing Director in the GovCon practice, as they provide a recap of the programs and discuss their current state, how contractors are handling relief, the accounting for these credits, the tax implications and how government auditors are looking at these credits and the impact on contracts.

If you have any questions specific to your situation, Cherry Bekaert’s GovCon Consultants are available to discuss your situation with you.


View All Government Contracting Podcasts

 

Martin Karamon

Tax Credits & Incentives Advisory Leader

Partner, Cherry Bekaert Advisory LLC

Brynn McNeil

Assurance Services

Partner, Cherry Bekaert LLP
Partner, Cherry Bekaert Advisory LLC

Eric Poppe

Advisory Services

Managing Director, Cherry Bekaert Advisory LLC

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Learn the do's, don'ts, and pitfalls of outsourced accounting for government contractors. Discover how to make a smooth transition to outsourced accounting.

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Learn the crucial steps in selecting an ERP system that aligns with your business needs, including stakeholder discussions and integration requirements.

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Explore the benefits of accounting outsourcing for government contractors and learn how to choose the right firm and optimize your partnership.