4 Easy steps needed to get the ERTC Advance

The Employee Retention Tax Credit (ERTC) is a refundable payroll tax credit that was created to incentivize businesses to keep their employees on the payroll, even during challenging economic times. The ERTC Advanced Loan program is designed to help businesses that may not have the cash flow to take advantage of this tax credit. In this blog, we will discuss the value of getting an ERTC advanced loan for your business and a step-by-step guide to get started.

First, let's quickly review what the ERTC is and how it works. The ERTC was initially introduced in 2020 as part of the CARES Act and extended through 2021. The credit allows eligible businesses to claim a tax credit of up to $5,000 per employee for wages paid in 2020 and up to $7,000 per employee for wages paid in 2021. To be eligible for the credit, businesses must have experienced a significant decline in their gross receipts or have been subject to a full or partial suspension of their business operations due to COVID-19 restrictions.

Once you have filed for the credit with an accounting firm or ERTC provider. There are 5 steps needed to get the ERTC advance:

1. Provide the loan provider with your business details to help them understand your employee retention credit claim

2. Complete your online application and submit your qualifying documentation

3. Connect with a funding specialist who will provide a consultation

4. Receive the approval decision

Let's discuss the value of getting an ERTC advanced loan.

For businesses with cash flow challenges, taking advantage of the ERTC can be difficult because they have to wait until their file is processed and the checks mailed out. However, with the ERTC Advanced Loan, businesses can get the cash infusion they need now to keep their employees on the payroll and to cover other expenses.

One of the most significant advantages of the ERTC advanced loan is considered a prepayment of the ERTC, which means that businesses can use the funds for whatever expenses they see fit. Which can free up cash flow to invest in other areas of the business.

Additionally, unlike traditional loans, businesses don't need to provide collateral aside from the rights to the ERTC credit. This can be beneficial for small and new businesses that may not meet traditional bank loan requirements.

In conclusion, the value of getting an ERTC advanced loan is higher than just the cash infusion it provides. It allows businesses to take advantage of the ERTC funds upfront, and free up cash flow to invest in growing your business.