The Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) were federal relief programs that Congress passed at the height of the COVID-19 pandemic. While they provided much-needed relief to many small businesses, they also proved to be prime targets for fraud. The PPP produced tens of billions of dollars in fraudulent loans, and NBC published a story calling the looting of COVID-19 relief programs the “biggest fraud in a generation.”
Read MoreThe Internal Revenue Service (IRS) recently published a News Release advising businesses that have claimed the CARES Act’s Employee Retention Credit (ERC) to carefully review their eligibility. The IRS is also warning businesses to independently assess their eligibility for the ERC when filing their taxes in 2023, noting that “promoters continue pushing ineligible people to file” for the credit when they don’t qualify.
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