Erica Seppala

Instead of waiting up to a year or longer to receive an Employee Retention Credit refund check from the IRS, business owners are seeking ERC loans. With an ERC loan, a lender provides a percentage of an ERC refund (typically up to 65% of the refund amount) upfront so businesses have quick access to capital.

The Employee Retention Credit is a refundable tax credit. It is not a loan and does not need to be repaid. However, ERC loans and advances taken from an ERC lender will need to be repaid according to the terms in your contract.

Lendio’s ERC program has a lot going for it. Similar to its application process for small business funding, Lendio’s ERC application is quick and easy to fill out. Lendio’s experienced ERC partners can also help you along the way to simplify and expedite the ERC process.

ERC Business Solutions is a business that specializes in Employee Retention Credit refunds. Its BBB profile gives a contact address located in Henderson, Nevada. There are a few concerns about the company, however, as it lacks positive customer reviews and does not provide specific information about the company.

ERC Funding has a few good things going for it. It has a fast and easy claims process and typically submits claims to the IRS within one to three weeks. Its ERC advance buyout program also provides fast funding to businesses that can’t afford to wait months for their refund checks to arrive. It also doesn’t require upfront fees for its services, and it will assist with ERC reviews or IRS audits.

Employee Retention Credit fees are fees that are paid to a CPA, tax expert, ERC specialist, or other expert that claims the ERC on a business’s behalf.

Small- to medium-sized businesses that are looking for a company that specializes in ERC refunds won’t be disappointed in what Accelerate Tax has to offer. The fast application process, white-glove customer support, quality control processes, including CPA reviews, and the potential to get funds quickly through Accelerate Tax’s ERC advances, are all standout features.

ERC Guaranteed does not disclose its fees, although the company does note that fees are paid after you receive your ERC refund. However, you can sign up for a free ERC analysis and speak with an ERC specialist to learn more about pricing.

Your business loan may be denied for reasons including low credit score, not enough revenue, lack of collateral, or an incomplete loan application. Your lender should provide written notice as to why your loan was denied. However, you can also reach out to the lender directly to learn more about why you weren’t approved.

While the ERC program does have a few similarities to grant programs, there is not an actual ERC grant. Instead, the ERC is a refundable tax credit available to eligible small businesses that kept employees on payroll throughout 2020 and 2021.