In to Make ERC Refunds Faster for Businesses
Owners of small- and mid-sized companies will be interested to know that a financial lifeline enacted by the U.S. government during the pandemic will soon expire: the ERC. The Employee Retention Credit, which provides a refundable tax credit of up to $26,000 per employee, has helped many U.S.-based businesses recover from the economic meltdown of 2020-2021. The program has proven so popular that there is a backlog in applicants, resulting in a claims processing time by the government of up to 12 months. To help owners receive their ERC refunds faster and make application deadlines, CEO Chris Sidhom and COO Christian Arcello of Priority Concepts have launched the ERC Advance Payment program, which processes ERC refunds in 72 hours.
“There are three things to keep in mind if you are a business owner and want to take advantage of the ERC,” says Chris. “First, it was meant to be temporary, and with its expiration deadlines approaching, now is the time to apply. Second, even if you received assistance from the Paycheck Protection Program (PPP), you are still allowed to apply for the ERC. Third, as a refundable tax credit, it is a grant, not a loan, so you do not need to pay it back.”
Christian explains the ERC is for businesses that continued to pay employees while shut down due to the COVID-19 pandemic and/or they had significant declines in gross receipts from March 13, 2020 to Dec. 31, 2021. As stated, the ERC has a limited lifetime: deadlines for claiming the credits vary depending on the year referenced in the claim.
“The ERC was created for owners who found themselves struggling to adapt to social distancing during the pandemic and to retrain and keep their employees,” says Christian. “That’s why the ERC refund of up to $26,000/employee has been so helpful. Companies lost so much operating capital when our economy went south, and they have been using their ERC refunds to get their operations back on track, including budgeting more accurately, hiring back talent, and even developing a pandemic safety net for themselves.”
Chris says they created their ERC Advance Payment program to help their clients, in effect, to jump ahead in the processing line and receive their refunds in a matter of days, not months.
“We designed a more efficient process, one that capitalizes on our expertise in business financing and our understanding of the ERC,” Chris states. “We developed a turnkey system that takes the responsibility of filing for the ERC off the hands of the business owner and makes it faster, smoother and less stressful.”
Priority Concepts’ ERC Advance Payment program 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
“This is all possible because our platform leverages over 50 systems to fully and securely integrate with a business’ accounting and payroll software,” says Christian. “We are able to collect all of a client’s necessary documentation for ERC applications in just minutes. The result is that applications are filed more easily, and we can help our clients get their refunds in only 72 hours.”
Through its ERC Advance Payment program, Priority Concepts has helped hundreds of clients to obtain expedited refunds, including up to $2.3M, though the refund amounts will vary from company to company. Christian and Chris are focused on educating more business owners about the ERC, whose application window is closing.
“The ERC and its refundable tax credits are a welcome financial tool for people who need a little help with leaving the pandemic in the rearview mirror,” Chris believes. “It is our pleasure to help them to receive the refund much faster so they can concentrate on what is most important: rewarding their team members with surprise bonuses, building their companies, and focusing on the future.”
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.
Chris Sidhom is the CEO of Priority Concepts and manages all operations and strategy. He is also a partner in EPSG, a privately held payment solutions provider, and oversees partnerships, new products, and business development. Additionally, Chris has a private investment portfolio focused on hotels and other hospitality businesses. Previously, he worked in business development at EVO Payments, focused on opening and scaling sales offices across the country. Chris has a B.S. in Economics and an M.S. in Finance from St. John’s University.
Christian Arcello is the COO of Priority Concepts and leads all sales and marketing. He is also the co-founder of Accel Capital (NY) and Cor Funding (CA), regional small-business lenders. Previously he was President of Mint Management and Consulting, an owner-operator in the hospitality space. Christian has a B.A. in Finance from Hofstra University and an M.S. in Real Estate and Finance from New York University.
For more information on Priority Concepts and its ERC Advance Payment program, please visit the company’s website.