Getting Your Refund Check Faster in 2023
The Employee Retention Credit (ERC) has been a critical support mechanism for businesses during these challenging economic times. However, the waiting period for the refund can often strain a business’s cash flow. Thankfully, there are options available to get your refund faster, and this is precisely what we’ll explore in this blog. We’ll also discuss how services like Finance ERC can assist you in getting your ERC loan paid upfront.
Understanding the Employee Retention Credit (ERC)
The ERC is a refundable tax credit designed to encourage businesses to keep their employees on payroll during the COVID pandemic despite the economic challenges imposed by COVID-19. The credit is against certain employment taxes equal to a percentage of qualified wages an eligible employer pays to employees.
The Waiting Game: ERC Refunds
After filing for the ERC, there is usually a waiting period before the IRS processes the claim and disburses the refund which can range from months to a year+. This waiting time can vary significantly, depending on factors such as the number of claims the IRS is handling and if there are any questions or issues with your claim. The IRS recently announced on September 14, 2023 that they will be halting new ERC filing claims until 2024 and slowing down the process and refund check disbursement of ERC claims prior to September 14th.
This waiting period, while necessary, can create a cash flow problem for businesses relying on these funds. This is where the concept of advance payments against an ERC comes into play.
The Power of Advance Payments
Advance payments provide a way for businesses to access their ERC funds even before the IRS completes processing their claim. For businesses grappling with cash flow issues this can be a lifesaver.
However, securing an advance payment against your ERC isn’t always straightforward. There are specific criteria a business must meet to qualify for an advance payment. Moreover, the process of applying for an advance payment can be complex, requiring a thorough understanding of the rules and regulations surrounding the ERC.
Enter Finance ERC: Your Partner in Accelerating ERC Refunds
This is where Finance ERC can provide invaluable assistance. Finance ERC specializes in helping businesses navigate the intricacies of the ERC process.
But what sets Finance ERC apart is their capacity to get your ERC refund check paid upfront. They recognize that waiting for your ERC funds can strain your cash flow. To mitigate this, they offer a solution: they will pay your ERC funds upfront, and then they will wait for the IRS to process the claim and issue the credit. Furthermore, you don’t pay anything to Finance ERC out of your cash flow as they get repaid on the ERC you sell them by waiting for the ERC checks to arrive from the IRS.
In essence, Finance ERC takes on the risk and the waiting so that you don’t have to. This can be a game-changer for businesses waiting for their checks from the IRS.s.
Exploring ERC financing options and understanding how to get your refund faster in 2023 doesn’t have to be a daunting task. With services like Finance ERC, businesses can navigate this process with ease and receive their ERC checks upfront. This can significantly ease cash flow concerns and help businesses stay afloat during these challenging economic times.