When the CARES act was passed in 2020, there were many components to it. The Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL), the Restaurant Revitalization Fund, the Shuttered Venue Operators Grant (all of which were administered by the SBA) and the Employee Retention Credit (ERC / ERTC) which is administered by the IRS / Treasury. It varies from the others in that proceeds can be used for any purposes, and it is not a loan, it is a grant / credit. A company can do both the PPP and an ERC and in many cases the EIDL. It was not as popular as the PPP because it was not as fast. The PPP took a few weeks whereas the ERC took months. PetroMAC is assisting many clients to obtain their ERC credit. Please watch this short 2:20 video.
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