The Employee Retention Credit Advance program allows businesses that kept employees on during the pandemic to receive up to $26,000 per W2 employee. The credit acts as a grant and is not earmarked for specific use. The program has been successful, but the wait time to receive the credit has caused some businesses to close and has frustrated business owners who need more investment opportunities.
Break Bread Lending has introduced a new product, "ERC Flash Pass," which aims to help businesses access to credit more quickly. The company uses advanced AI underwriting software to file claims instantly and to advance 80% of the credit to businesses in 3-10 business days. The program considerably cuts processing and filing time, taking only a few hours compared to weeks or months with other firms. The software is also accurate, doesn't make mistakes, and can calculate the maximum refund every time.
The "ERC Flash Pass" program is designed to help businesses "skip the line" and receive their Employee Retention Tax Credit within a month, as compared to over a year in some cases with other firms. It also allows businesses that need to initially file their ERC through Break Bread Lending to use the program to expedite payment.
What is an ERC Advance?
An ERC Advance is a program offered by the government that allows businesses to access a portion of the Employee Retention Credit (ERC) they are eligible for, in advance of filing their taxes. This can provide businesses with much-needed financial support during difficult times, such as the COVID-19 pandemic.
Benefits of ERC Advance:
There are many benefits to using an ERC Advance program. For example, it can help businesses keep their employees on staff during economic hardship, improving employee retention and reducing turnover. Additionally, it can provide businesses with much-needed financial support to help cover the costs of keeping their employees on staff.
How to Apply for an ERC Advance:
Applying for an ERC Advance is a relatively simple process. Businesses can apply through the Small Business Administration (SBA) or other lending institutions, such as Break Bread Lendings. They will need to provide information about their business, including their tax ID number and the number of employees they have on staff.
Conclusion:
Overall, Employee Retention Credit advance options from ERC Flash Pass make it easier for businesses to access Employee Retention Credits upfront, enabling them to keep their employees on the payroll and weather the financial storm caused by the COVID-19 pandemic. ERC Flash Pass also offers businesses additional tax services, making Employee Retention Credit planning simpler and more efficient. With ERC Advance, businesses can access Employee Retention Credits quickly and easily – no waiting around for IRS refunds.
In summary, Break Bread Lending's "ERC Flash Pass" program is a valuable service that can help businesses access their Employee Retention Tax Credit quickly, allowing them to make essential investments and avoid closure. This can be achieved with accurate and error-free underwriting process and fast funding for the ERCs.