Employee Retention Credit Still Available For Qualifying Businesses
There is still time to apply for the Employee Retention Credit (ERC), a tax credit aimed at supporting businesses during the COVID-19 pandemic. Small businesses may have either two years or three years to apply, depending on when they filed their taxes. Many small businesses are now scrambling to claim this credit before it expires, as it can provide significant financial relief by offering up to $33,000 per eligible employee. The ERC has proven to be a lifeline for many struggling businesses, and its expiration may have a significant impact on their ability to retain employees and weather ongoing economic challenges.
Source: Business Insider
Bankers Are Less Likely To Commit Financial Misconduct At Home
New research suggests that bankers who work from home are five times less likely to engage in financial misconduct compared to their counterparts who work in traditional office settings. Conducted by finance expert Gleb Tsipursky, the study highlights the potential benefits of remote work in reducing unethical behavior within the finance industry. Tsipursky’s research emphasizes the importance of the physical work environment and its influence on employees’ decision-making processes, shedding light on the potential for remote work arrangements to foster a more ethical financial sector.
Source: Fortune
Utah Businesswoman Convicted of PPP Fraud
A Utah businesswoman was convicted for perpetrating a $10 million fraud scheme involving Paycheck Protection Program (PPP) loans. The defendant was found guilty of submitting fraudulent loan applications on behalf of her businesses and using the funds for personal expenses. The investigation revealed that she had provided false information about her employees and payroll expenses, taking advantage of the pandemic relief program. The conviction serves as a reminder of the ongoing challenge faced by authorities in combating fraud and abuse related to government assistance programs.
Source: Small Business Trends
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