Employee Retention Credit Program Eligibility Test
This ERC application form will help us determine which quarters, if any, you are eligible to receive the employee retention credit. This form is intended to be sent to your accountant, and should not be used in lieu of advice from your tax advisor.
Motor City Funding - Employee Retention Credit
If you have been listening to the news or browsing the internet lately, you have likely seen or heard advertisements about the Employee Retention Credit that promise to deliver as much as $26,000 per employee for businesses of all shapes and sizes.
If your original take was that this sounds too good to be true, you might be surprised to find out that it is a legitimate tax credit offered by the IRS for companies that kept employees on staff during the worst of the COVID-19 pandemic from March of 2020 through the end of 2021.
Employee Retention Credit Explained
The ERC Credit, also referred to as the ERTC Credit, is a refundable tax credit passed through the CARES Act. It allows employers to claim a refund on their payroll taxes totaling up to $26,000 per employee.
To qualify, those employers must have been operational since at least March 12, 2020. They also must demonstrate a gross decline in revenue or show that they were subject to a full or partial government shutdown. The credit is good for 50% of qualified wages in 2020 and 70% in 2021, but any wages already used for PPP forgiveness are not eligible.
The only negative aspect of this fantastic opportunity for businesses is that it can take 9-12 months for the IRS to process an ERC Credit refund. That’s where we can step in and help.
Motor City Funding
Motor City Funding is a solutions-focused company that helps small businesses with merchant cash advances, small business loans, SBA loans, equipment financing, factoring, purchase order financing, and commercial mortgages.
We are known for building strong working relationships with clients to help them bridge funding gaps as they build credit, often providing funding in as little as 48 hours.
Whether you have already completed the employee retention credit application or are just now ready to apply for ERC, we can help you complete your ERC application correctly and then provide you with an ERC advance to get you the cash you need faster!
Employee Retention Credit Advance Application
Companies that cannot wait up to a year for their ERC refund to process are perfect candidates for our ERC advance payment. We can typically offer as much as 65% of the expected refund in the form of an ERC advance loan with interest-only payments until a balloon payment is due when the refund comes.
No matter where you are currently in the ERC process, fill out our Employee Retention Credit Advance Application today for more information, and someone from our team will contact you to discuss how Motor City Funding can help you get an advance on your expected tax credit as fast as possible!