NFIB Experts Host Live 2021 Wrap Up Q&A on ERTC, PPP Forgiveness, and Vaccine Mandates

Date: January 06, 2022

NFIB’s COVID-19 experts offer a 2021 wrap-up Q&A for small business owners, including what to watch for in 2022

Last month, NFIB’s COVID-19 financial assistance experts hosted a 2021 Small Business Wrap Up live Q&A with business owners webinar focused on the ERTC, PPP, EIDL, and vaccine mandates. Hosts Beth Milito, senior executive counsel for the NFIB Small Business Legal Center, and Holly Wade, executive director of NFIB’s Research Center provided updates and answered questions on important federal programs and mandates.  

Employee Retention Tax Credit

“The purpose of the ERTC, also called the ERC, was to give a payroll tax credit to employers who experienced a big drop in revenue or were not fully operational,” explained Milito.  

Initially, small business owners who took out a Paycheck Protection Program (PPP) loan in 2020 could not also claim an ERTC. This changed with the passage of the December 2020 stimulus bill, which allowed employers to claim both. Depending on your eligibility, the ERTC could be worth up to $26,000 per employee for full and part time employees.

Employers must show a significant decline in revenue to qualify for the ERTC. You can test if you qualify in the following ways:

  • In 2020, gross receipts declined by at least 50% from the same calendar quarter in 2019
  • In 2021, gross receipts declined by at least 20% from the same calendar quarter in 2019
  • Full or partial suspension in operations as a result of a government order

More information on claiming the ERTC can be found by watching this webinar with CPA Matt Evans.

PPP Loan Forgiveness

The deferment period has been extended for the PPP loan if you have not applied for forgiveness. “The deferment is 10 months, starting from the end of your covered period,” explained Wade. “That covered period that you can use those funds to pay for expenses is between 8 and 24 weeks. After you have exhausted those funds and designated when the end of your covered period is, from that date for 10 months going forward is your deferment period before you would have to make loan payments if you haven’t applied for forgiveness.”

If you are having trouble applying for loan forgiveness, updates and applications can also be found here.

Vaccine Mandates

At the time of this webinar’s recording, the Federal OSHA vaccine mandate had been stayed nationwide and was not scheduled to take effect. Learn more about the mandate’s current status here. This mandate requires businesses with 100 or more employees to ensure employees are vaccinated or tested each week and wear masks in the workplace.

To hear more answers to other pressing questions and learn about other resources, watch this free webinar now.


With additional questions, please email [email protected] and NFIB’s Small Business Legal Center will assist you as changes continue to take place.

NFIB’s Wednesday Webinars will continue in 2022 on the first Wednesday of each month. Essential Finance & Accounting Strategies for Small Business in 2022 took place on Jan. 5 and is available for free here. NFIB webinars will continue to include great line-up of guest speakers and topics to help small business owners navigate the changing economy as well as tools, tips, and resources for operating your business.

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