Was your business affected by Covid-19? Are you still feeling the impact from it? Core Bank has partnered with Innovation Refunds, an expert FinTech provider to help businesses unlock more government incentives and substantial cash refunds. Businesses will likely qualify for up to *$26,000 per eligible employee on your payroll with the Employee Retention Credit (ERC).
ERC is a payroll tax refund born out of the same COVID relief bill as PPP which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited in their claim to either PPP or ERC but not both. In early 2021 the rules changed and now your business can claim ERC even if you received PPP funds, which is great news.
PPP was a forgivable loan. ERC returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury no further action is required on your part.
The qualifications to apply provide two different options based on the negative impacts from Covid:
In 2020 and/or 2021 did your business experience either: (a) limitations of commerce, travel, or group meetings, or (b) a significant decline in revenue? If you answered yes to either of these your business qualifies.
Determining the proper amount that you are entitled to is a complex accounting process. One of the reasons that we chose Innovation Refunds is that their expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Helping businesses properly unlock these government incentives is Innovation Refunds’ specialty.
For Core Bank customers, there is no upfront cost to determine if your business qualifies and if so, to receive what amount of money. Innovation Refunds on average invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to move forward, Innovation Refunds merely shares a percentage of the money that you receive from the government.
We all know that government-funded programs are subject to change. Time is of the essence. As of today, you can obtain these funds but for how long remains uncertain. PPP, Restaurant Revitalization, and other funds ran out without notice. Don’t delay; be sure to claim your spot in line and receive the funds rightfully owed to you.
Before you get started, some items to note:
- Over 90% of businesses qualify, often when advised they don’t.
- Expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive.
- We all know that government-funded programs are subject to change. Do not delay; be sure to claim your spot and receive the funds rightfully owed to you.
From business checking accounts to complete treasury services, Core Bank is here to help simplify the day-to-day needs of every business owner. Find the services you need today.
*Subject to tax evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval. If approved, Innovation Refunds may require a fee for ERC claims. You should consult your tax, legal and accounting advisors for information before using the services of Innovation Refunds or to determine if your business qualifies for the ERC.
Core Bank is not affiliated with Innovation Refunds. Core Bank makes no representation or warranty as to the quality, accuracy, or reliability of Innovation Refunds services or its website.
Core Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice.
Innovation Refunds and its programs and services are not FDIC Insured.