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Mitchell Goldberg, partner with Berger Singerman in Fort Lauderdale, left, and Bryan Appel, associate with Berger Singerman in Fort Lauderdale, right. Mitchell Goldberg, partner with Berger Singerman in Fort Lauderdale, left, and Bryan Appel, associate with Berger Singerman in Fort Lauderdale, right.

As businesses rush to apply for Paycheck Protection Program loans (PPP Loans) on a first-come, first-serve basis under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act (H.R. 748) signed into law on March 27, each business should consider another alternative provided under the act called the employee retention credits (the credits). A business may choose either a PPP loan or the credits, not both. If a business takes the credits and obtains a PPP loan, the credits are recaptured and must be repaid to the Internal Revenue Service. The question each business should ask itself is, “What will provide the most economic benefits, a PPP loan or the credits?” The answer is not so obvious.

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