Thank you for the info. I’ve decided to take the ERC instead of PPP.
I’ve signed up for ERC with wave starting April 1.
For Q1 2020 (March 13 to March 31) are we filing form 7200 ourself, and requesting a refund from IRS?
Hi @gimmi80! You would want to fill out Form 7200 and then follow the steps to file on the bottom of the form here!
Hey @Raven! In this case we would advise not to opt into the ERC until the PPP loan decision has come through. You cannot claim both, however if your loan is not approved and you opt in at that time, the system should automatically review your payrolls starting April 1. This is the safest route in order to avoid having the ERC set and then being approved for the PPP.
I need to opt out. I mis-read the qualifications originally.
How do I do that? I need a solution soon as my payroll is due today. @EmmaP I think @Raven has the same question as I. I believe he's already opted in.
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Thank you for the info. I’ve decided to take the ERC instead of PPP.
I’ve signed up for ERC with wave starting April 1.
For Q1 2020 (March 13 to March 31) are we filing form 7200 ourself, and requesting a refund from IRS?
Once we opt in on the yellow window where do we go to opt back out in case we get a PPP loan later on?
Hi @gimmi80! You would want to fill out Form 7200 and then follow the steps to file on the bottom of the form here!
Hey @Raven! In this case we would advise not to opt into the ERC until the PPP loan decision has come through. You cannot claim both, however if your loan is not approved and you opt in at that time, the system should automatically review your payrolls starting April 1. This is the safest route in order to avoid having the ERC set and then being approved for the PPP.
I need to opt out. I mis-read the qualifications originally.
How do I do that? I need a solution soon as my payroll is due today.
@EmmaP I think @Raven has the same question as I. I believe he's already opted in.
Hey @cwsink , I see that you were able to solve this over both social media with the team and ticket. Glad to see you were able to work it out!