ERTC Advance: Don’t Wait on the IRS Any Longer
The Employee Retention Tax Credit (ERTC) was a lifeline for many businesses during the pandemic’s darkest hours. This refundable tax credit helped retain employees and weather challenging economic times. Now, with businesses transitioning to post-pandemic recovery, a new question arises: How can you access your ERC funds swiftly, without waiting months for the IRS processing queue? The answer lies in ERTC advance financing.
Understanding ERTC Advance Financing:
ERTC advance financing allows you to receive a portion of your expected ERC refund upfront, while the IRS processes your official claim. It’s akin to a bridge loan, bridging the gap between filing your claim and receiving the actual funds. This can be invaluable for businesses needing immediate financial support for operations, investments, or debt repayment.
How Does it Work?
- Eligibility: Not all businesses qualify for ERC advance financing. Lenders typically assess your eligibility based on several factors, including the projected size of your ERC refund, business financials, and creditworthiness.
Foresight Business fundings has a few lending partners for advances. The quickest program does not have minimum FICO, Revenue or Time in business requirement. Typically, you have to have a minimum of $110,000 ERTC refund and you will be funded in 2 to 3 weeks of us receiving all the required documents.
- Application: The application process is usually simpler than traditional bank loans. You’ll provide basic business information, tax documentation, and ERC calculations.
- Approval: Lenders analyze your application and determine the advance amount you qualify for. The percentage of your expected refund you can access varies depending on the lender and your financial profile.
- Funding: If approved, the funds are typically wired to your account within 2 to 3 weeks, significantly faster than the IRS processing timeline.
- Repayment: The advance is typically repaid directly from your IRS refund when it arrives. This means you only incur fees or interest, not additional debt obligations.
Benefits of ERC Advance Financing:
- Immediate access to cash: Bridge the gap between filing your claim and receiving government funds, allowing you to capitalize on opportunities or address urgent needs.
- Improved cash flow: Avoid juggling temporary loans or delaying critical expenses while waiting for the IRS.
- Flexibility: Use the advance for various purposes, from payroll and inventory to marketing and expansion.
- Faster recovery: Inject crucial financial boost into your post-pandemic recovery efforts.
Considerations and Cautions:
- Fees and Interest: ERC advance financing comes with fees and interest, often calculated as a percentage of the advance amount. Choose a lender with transparent and competitive terms.
- Eligibility Concerns: Not all businesses qualify, and the advance amount might not cover your entire expected refund.
- Scam Alert: Beware of predatory lenders exploiting the ERC program.
Making the Informed Choice:
Before exploring ERTC advance financing, ensure you’ve:
- Confirmed your ERC eligibility: Use the IRS guidelines and eligibility tools to verify your qualification.
- Have your Refund Documents
- Explored alternative options: Consider traditional loans, lines of credit, or internal cost-cutting measures before turning to advance financing.
If you haven’t applied for the ERTC Tax Refund yet, please read this section:
Payroll Tax Refund
Does your business qualify for an IRS Employee Retention Credit?
How Does Your Business Qualify for Payroll Tax Refund?
If you paid W-2 employees in 2020 and/or 2021, your business likely qualifies for a refund check up to $26,000 maximum directly from the IRS* … even non-profits startups!
Examples of businesses our CPA Partner Firm recently helped:
- Hair Salon $107,792.22 with 36 employee
- Single-location pizza shop $58,255.95 with 26 employees
- Home healthcare staffing firm $599,891.59 with 195 employees
- Restaurant Multiple Location- $840,000 with 300 employees
- General contractor $364,283.71 with 59 employees
- Restaurant Ownership Group in Florida, $1,120,000 with 224 W-2 Employees
The 10 ways your Business Can Qualify for Payroll Tax Credits & Payroll Refund that you may not have heard of:
Many Providers use the definition:
Must have been fully/partially shut down by government order
For example: A “Stay at Home” order for non-essential businesses, or a capacity limit for a restaurant, would meet this test. (The order is likely jurisdiction specific.)
IRS Guidance states if you business had any of these occurrences, you can qualify:
2.Supply chain interruptions
3.Suspension of employees
4.Inability to access equipment
5.Limited capacity to operate
6.Inability to work with your vendors
7.Reduction in services or goods offered to your customers
8.Cut down in your hours of operation
9.Shifting or Reduction of hours to increase sanitation of your facility
10.Re-location of Employees
If your payroll company or tax person doesn’t understand how the IRS has defined shut down’s for COVID you may be losing out on $100,000+ dollars.
Funding Advanced for Payroll Retention Tax Credit
Receive up to $26,000 per employee in as little as 7-10 weeks (>$100,000 refund)
- Guaranteed To Maximize Refundable Credits For Local And Small To Medium Sized Businesses
- So Easy That Your Entire Commitment Is 15 Minutes
- No Upfront Fees To Get Qualified – 100% Contingent On Your Refund
- Audit-Proof Documentation For IRS Support
- No Other CPA Firm Offers The 15 Minute Refund™
When you engage us, rest assured that you’ve hired the best CPA Firm to lock in this one-time opportunity for a large refund check from the IRS.
How Does Your Business Get Paid?
We have multiple Teams of seasoned professional tax accountants to help businesses just like yours, navigate the complex requirements for receiving Payroll Tax refund checks from the IRS.
We’ve simplified the entire ERTC Payroll Tax Credit Refund process:
1. Go to Payroll Tax Refund Questionnaire
2. Click begin your claim or Apply Now and answer 10 simple questions.
3. If you are eligible for a refund, you will receive an email requesting the documentation to calculate the amount you should receive as a payroll tax refund.
Within 2 to 7 business days, we’ll determine the Payroll tax refund you’re entitled to from the IRS.
1.Additionally, we will prepare the amended Forms 941-X required to request your refund.
2.The IRS will process your credit and mail you a check or the lender will advance your refund.
3.Click the button below and get the process started before these stimulus funds run out. It’s time to get your Payroll Tax refund, today!