Employee Retention Credit
Self-employed individuals are not eligible for the credit for their self-employment services or earnings; andSmall Business Interruption Loan under the Paycheck Protection Program are not eligible for the credit Qualified wages don't include those wages attributed to a credit for sick or family leave. And you can't include wages paid to employees for whom you will take a work opportunity tax credit during the respective quarter.
You can file the form for an advance payment at any time before the end of the month following the quarter in which you paid the wages. That means, if necessary, you can file Form 7200 several times during each quarter.
The media is making it sound much easier than reality. The banks are not ready today.
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