Knowing that your business qualified for the Employee Retention Tax Credit is great news. However, the turnaround time to receive your expected credit can take anywhere from 8 to 12 months. If you have claimed your employee retention credit but do not have time to wait for the expected tax credit check, then you can request an advance payment. And with Money Financial Group, we can get you your funds in as little as one week.
Companies eligible for the Employee Retention Tax Credit (ERC) can expedite their access to funds by opting for an ERC loan. These loans serve as upfront payments of anticipated ERC refunds. When a lender or specialized ERC firm extends a portion of the anticipated ERC refund to the borrower, it allows businesses to secure capital within weeks, as opposed to enduring prolonged delays that can last for months through IRS processing.
The amount available for you to receive is dependent on your expected ERC refund. Unlike an ERC loan, this type of ERTC funding does not include interest payments. You may find many credit loan providers advertising ERC financing. However, be aware of any upfront costs or payment options they try to arrange. There should never be any application fees or repayment plans – you should only be required to pay a small percentage to the CPA or tax professional for purchasing your Employee Retention Tax Credit.
Any business that has been deemed eligible for the Employee Retention Credit and completed their claim for the ERTC credit can request an advancement on their expected credit. When you don't have time to wait, you can request an advance payment from an authorized lender like us, to help bridge the gap between the time you file and the time you get your Employee Retention Credit.
It is easy to qualify for an advancement on your refundable tax credit, especially when you have already claimed the ERC. However, once you have filed your Employment tax credit it can take up to 1 year or longer to receive the money. Which why you should consider taking an advance to get the money faster. We will qualify you for an advance payment based on the amount of the credit you are expected to receive.
Qualifications for an advancement include:
It is important to understand that this is not a loan and that you will not be making any type of payment. Rather, you are selling your payroll tax credit at a discount so that you can receive your expected funds from the IRS quickly. While there are no minimum credit scores or cash flow requirements, we suggest ensuring that the credit is available to your business and that you are expecting to receive a credit check from the IRS. You want to first secure your credit from the IRS so that you reconcile any advance credit payments. Our team of experts will quickly do this process for you and take care of any doubts you may have.
You may be eligible for an Employee Retention Credit advance if you have qualified for and are receiving an ERC.
This type of advancement can secure up to 80% of your anticipated ERC credit.
The steps to apply include:
Money Financial Group has the resources and team of experts to assist in getting your ERC advance quickly. Once you have filed for the ERC and confirmed your anticipated ERC refund amount, you are able to apply. It is important for you to claim the credit on any qualified wages paid or a decline in gross receipts in order to apply for an ERTC advance payment. When we confirm the amount of credit available for your business, we can analyze an advance payment for the remaining balance.
This depends on the expected ERC payment the business will receive. Remember, as a part of the CARES Act, eligible employers can receive up to $26,000 per employee per quarter for 2020 and 2021 that was paid during the covid-19 pandemic.
You can receive up to 80% of the value of your unpaid Employee Retention Credit (ERC).
Usually within 24-72 hours. We need to receive the appropriate documents in order to provide an approval.
Once you request an advance on your ERC, we verify your expected amount and get you the funds within 24-72 hours (dependent on Bank/Government Holidays).
No, there is no application fee. Once you agree to move forward this is a small advance fee to be paid.
No, you may specify the amount you would like to accept.
No, you do not need to provide any collateral.
We allow for your ERC to be submitted to the IRS within 120 days of applying for Purchases of $1M or over. And under 60 days for purchases up to $250,000.
You can still qualify even if you received a PPP (Paycheck Protection Program) Loan.