July 17, 2023 at 6:15 PM EDT
NEW YORK, NY / ACCESSWIRE / July 17, 2023 / Priority Concepts, which provides businesses with access to capital and financial services, has launched its ERC Advance Payment program to help clients expedite refunds and meet upcoming deadlines. Its team of experts is now helping U.S.-based companies to apply for and receive refundable tax credits within 72 hours instead of the current processing time of 12 months by the government. Helping businesses to receive ERC refunds faster and more efficiently
The Employee Retention Credit (ERC) is a refundable tax credit for businesses that continued to pay employees while shut down due to the COVID-19 pandemic and/or that had significant declines in gross receipts from March 13, 2020 to Dec. 31, 2021. Even if a business received assistance from the Paycheck Protection Program (PPP), they are still allowed to apply for the ERC, which includes refunds of up to $26,000 per employee. The ERC has a limited lifetime, with deadlines for claiming the credits varying depending on the year referenced in the claim. Importantly, businesses do not have to repay ERCs, as it is a grant, not a loan.
Chris Sidhom, the CEO of Priority Concepts, says that he and COO Christian Arcello decided to offer the ERC Advance Payment program to help expedite refunds for companies and make it easier for them to budget in 2023.
“The ERC can be an excellent resource for small and medium-sized businesses that experienced a negative impact during COVID,” says Chris. “We are very happy to offer our services so that refunds can be potentially processed faster and our clients can continue to rebound from what was a very tough time across the country and globe.”
Priority Concepts’ ERC Advance Payment program was designed to be efficient for the business owner and includes:
* A determination of the company’s eligibility for the ERC refundable tax
credit
* Analyzation of a claim that a business may have already filed as well as
information on the process
* Calculation of the maximum amount available to the business
* All documentation and filing of paperwork
* Advance payment based on their ERC filing or a previous filing
“We have also recently added integrations that make the refund process easier on the clients,” Christian says. “We work with over 50 systems, which ultimately means that we can securely connect to a business’ accounting and payroll software to collect the necessary documents in minutes.”
Priority Concepts asks that all business owners remain aware of the upcoming deadlines for applying for an ERC refund and to reach out to them with any questions or concerns.
“We know that the ERC paperwork and terms can be confusing sometimes, so feel free to pick our brains,” says Chris. “Remember: it only takes a few minutes to find out if you are eligible for a refund, and we will be glad to explain the process from there.”
About Priority Concepts
Priority Concepts is led by a team of experts with decades of combined
experience with business taxes, government programs, and business funding. Its goal is to help owners to more easily access government programs, including the ERC, that offer financial assistance for companies.
View the article on Market Insider.