The bipartisan Infrastructure Investment and Jobs Act (IIJA) containing $550 billion in new funding for the nation’s traditional infrastructure and broadband was signed into law by President Biden on November 15, 2021. The bill doesn’t have nearly the breadth of tax provisions that the “Build Back Better” bill is proposing, but it does contain a few noteworthy changes. Particularly of interest, it ends the Employee Retention Credit (ERC) one quarter early for many employers.
As previously communicated, healthcare providers who received more than $10,000 of Provider Relief Fund (PRF) payments from the department of Health and Human Services (HHS) on or before June 30, 2020, are required to report on their use of the funds by September 30, 2021.
This is to serve as a reminder and update on previous communications regarding the Provider Relief Fund.
Long-awaited additional guidance on the Employee Retention Credit (ERC) was recently provided in
Notice 2021-49 covering changes to the credit for quarters three and four of 2021, as well as general guidance for all quarters on a few gray areas.