The pandemic has had an adverse effect on small and medium-sized businesses. To help, the government has provided an employee retention credit to inject funds into businesses that meet certain qualifications.
Could your business benefit from these funds? This article will explain how employee retention credit works and the best companies to use to get your refund.
>> Visit ERC Specialists and Get a Refund >>
What Is Employee Retention Credit?
The CARES Act of 2020 enabled businesses to take advantage of a refundable Employee Retention Credit (ERC) when they keep their employees on payroll during the COVID-19 pandemic.
The government is offering financial aid to small to medium-sized companies that have been impacted by shutdowns or serious revenue losses in 2020 and 2021. Only these types of businesses may be eligible for assistance.
Organizations may be able to take advantage of a vast pandemic relief fund offering, with a ceiling of $26,000 per worker who has been retained.
Throughout 2020, it’s possible to procure up to $5,000 for every employee, and for the first three quarters of 2021, the figure increases to $7,000 per individual.
The amount of aid your firm is eligible for is contingent on qualified wages and any healthcare expenses you may have incurred on behalf of your staff.
>> Visit ERC Specialists and Get a Refund >>
The 5 Best ERC Companies for 2023
– ERC Specialists – Best ERC Company Overall
– Omega Accounting Solutions – Best for Bridge Loans
– Bottomline Concepts – Best for Maximizing Your Refund
– ERC Assistant – Best for Business Knowledge
– ERC Today – Best for Quick Processing
In our search for the best ERC company, we examined the cost of ERC service, the option of bridge loans to keep the operation running, the criteria for qualification, and the length of time for filing a claim.
Additionally, we looked into features that distinguished the best ECR company from the others.
For a more thorough description of how we do things, please refer to this page.
>> Visit ERC Specialists and Get a Refund >>
ERC Specialists: Best ERC Company Overall
With a wealth of payroll expertise, ERC Specialists provide a unique advantage in dealing with employee retention credits, as these are processed through payroll returns rather than income taxes.
It’s estimated that businesses that use their ERC services typically receive 10-20% more than those that lack familiarity with the program. In addition, their processing speed is remarkable, meaning you can get paid more quickly.
Why we chose it: ERC Specialists stands by its reputation, delivering higher reimbursements in comparison to other businesses within the same sector.
Pros:
– Typically able to recoup 10–20 percentage points more than competing businesses
– Decades of expertise in handling payroll
– Results obtained in the blink of an eye
Cons:
– Uncertain pricing and charge structures
– Protracted procedure to get qualified
– There is no financing alternatives
Pricing: No fixed rate exists for working with ERC Specialists, as the fee is dependent on your refund amount. It’s possible to remunerate after obtaining your refund or to get a discount for paying beforehand.
Bridge Loans Available
Though it has a great deal to offer, the ERC Specialists cannot provide bridge loans. If your business is experiencing financial hardship due to the pandemic, it’s recommended to research banks and lending establishments for potential sources of funding.
Qualifying Process
The qualification process is guided by a comprehensive questionnaire. Once the form has been filled out, someone from the ERC Specialists will contact you in order to determine if you’re eligible for a refund.
Processing Time
At ERC Specialists, the process has been optimized for a quicker turnaround. It’s only a matter of a few weeks until you receive your paperwork to review and sign off on.
Other Features
Few firms that provide help with staff retention have knowledge of payroll, which is essential to getting the most out of your grant. The ERC Specialists, however, have decades of experience in this domain, which enables their team to comprehend the procedure in its entirety.
>> Visit ERC Specialists and Get a Refund >>
Omega Accounting Solutions: Best ERC Company for Bridge Loans
Omega Accounting Solutions offers a free ten-minute consultation where they go through how to upload the documents and then provide an ERC calculator to estimate your return. If you need a loan to stay afloat, they also provide bridge loans so you don’t have to wait for the IRS.
Why we chose it: At Omega Accounting Solutions, the application procedure is speedy, and you can get a ballpark figure of what you’re due in a brief time.
Pros:
– The best ERC company provides bridging loans
– Simple steps to fill out the application
– Integrated ERC Calculator
Cons:
– Does not provide any information on the cost
– A configuration that is a little bit unclear
– Smaller customer base
Pricing: It’s impossible to locate any cost information on Omega’s website. Therefore, it’s recommended to ask about the pricing for your individual situation during your complimentary meeting.
Bridge Loans Available
Omega Funding Solutions, a subsidiary of the parent company, provides bridge loans with the amount determined by the projected ERC reimbursement amount.
There is no payment required in advance and the money can be acquired in as little as three days.
Qualifying Process
To begin the qualification process, one needs to fill out a form on Omega Accounting Solutions’ website. If the initial questions are satisfied, they will be contacted for a free ten-minute chat with an agent.
Processing Time
In order to receive assistance from Omega, you must meet the criteria. The three-step process is easy to follow: upload the documents on the website, let the professionals compute your refund, and have them prepare the filing.
Other Features
Omega Accounting Solutions offers a free calculator so that your team can estimate their expected refund or credit (ERC) before embarking on the paperwork. This way, there is no need to spend any money until you’re confident in the outcome.
>> Visit Omega and Claim a Refund >>
Bottomline Concepts: Best for Maximizing Your Refund
Bottomline Concepts has established itself as a reliable source for ERC grants, having aided large organizations like Rolex, GNC, and the Boston Red Sox to recoup funds lost due to the COVID outbreak.
It’s one of the best ERC companies as its staff has an extensive knowledge of the grant system and, to date, has recovered more than $1.2 billion.
An additional bonus is that Bottomline Concepts is only paid when they bring in money for their clients, so there is no fear of losing any funds if the grant isn’t accepted.
Why we chose it: Bottomline Concepts provides a reliable ERC service to increase your grant amount through a step-by-step method.
Pros:
– Collaborated with a number of well-known businesses
– A total of almost $1.2 billion in reclaimed credits
– There is no danger for your company
Cons:
– The price information isn’t available
– It can take a little while before you receive a callback
– only available can be reached via an online form
Pricing: No pricing is posted on the Bottomline Concepts website; however, you can be sure that you only have to remunerate if they’re successful in obtaining a grant for you.
Bridge Loans Available
Bottomline Concepts does not supply bridge loans. If you require money to fill a gap in operations, you will need to approach a bank or financial institution.
Qualifying Process
At the Bottomline Solutions website, you can find a streamlined form to check whether you fulfill the qualifications for the program.
This questionnaire has been designed to figure out if you satisfy the requirements, even if the duration of the program is limited. Once the form is completed, a representative from the company will contact you to proceed with the process.
Processing Time
At Bottomline Concepts, there’s a special unit devoted to employee retention credits that cater to a multitude of customers.
The simple steps they provide help to speed up the refund procedure, although Bottomline Concepts has no power over how fast the Internal Revenue Service processes your funds.
Other Features
Bottomline Concepts’ staff have a thorough understanding of the ERC filing process. A simple questionnaire will help you figure out if you’re eligible for a refund and clarify what you’re allowed to receive.
>> Visit Bottomline Concepts and Get a Refund >>
ERC Assistant: Best ERC Company for Business Knowledge
The ERC Assistant crew consists of experienced business owners. After they exceeded their target of $1.5 million, they decided to help other businesses acquire similar successes.
If you pass their qualification, they will pair you with an appropriate agency to get the results you seek. The process is easy and fast, due to their 45-second questionnaire.
Why we chose it: The owners of businesses who have experienced the process themselves are supporting ERC Assistant, which is designed to provide the highest possible reimbursement for your firm.
Pros:
– Originating from a group of fellow entrepreneurs that decided to work together
– Recommendations for accounting companies
– Fast qualifying procedure
Cons:
– There is no information available on the price
– Does not provide loans to bridge the gap
– The outcomes are not guaranteed in any way
Pricing: Obtaining authorization with ERC Assistant is free. The business does not disclose its fees, however, what you receive in return dictates the amount.
Bridge Loans Available
At present, ERC Assistant does not offer bridge loans. Instead, their staff will connect you with the best enterprise to obtain your refund quickly. If you require immediate help, you will need to search for a trustworthy lender.
Qualifying Process
In around 45 seconds, ERC Assistant can determine if you qualify for a refund. If you do, a member of the team will be in touch with you to discuss further details.
Processing Time
When selecting an accounting firm, it can take some time, as ERC Assistant isn’t a firm itself. However, if you make the best choice, the filing process will be less complicated.
Other Features
Rather than having a team of corporate personnel in an office, ERC Assistant is staffed by entrepreneurs who have gone through the process of getting the biggest grant for their own small to medium businesses.
They’re thus well-informed on what it takes to achieve the same result for you.
ERC Today: Best ERC Company for Quick Processing
If you’re looking for a quick refund, ERC Today might be your best option. Their system can help you with the paperwork in a maximum of seven days so that the IRS can process your request.
This is their specialty, and they have become very adept at dealing with bureaucracy without taking shortcuts. To ensure your sensitive data is safe, they have a secure client portal that safeguards it from the web.
Why we chose it: Just seven days is all it takes to get an ERC Today account set up and begin filing claims with its simple and versatile system.
Pros:
– More rapid computation
– Funded solely by staff retention bonuses
– Safe procedure for applying
Cons:
– There won’t be any company bridge loans
– Hidden charges
– Doesn’t integrate with your existing payroll software
Pricing: It’s not apparent what portion of your refund is taken by ERC Today as a fee for services. However, filing is free, and you will learn what amount the best ERC company intends to retain during the process.
Bridge Loans Available
Rather than offering bridge loans or other bonuses, the primary purpose of ERC Today is to secure refunds for their clients in the shortest amount of time possible. Their focus is on helping clients get their money back quickly by speeding up the filing process.
Qualifying Process
A 12-item questionnaire is the first step in determining your eligibility for a grant. If you pass the initial screening, you will be given access to a protected portal in order to send in your paperwork.
Processing Time
The whole process of submitting a claim to the IRS by ERC Today is expedited, taking up to two weeks. In addition, the accuracy is among the highest.
Other Features
Program specialists from ERC Today can assist you with your claim without having to wait for your payroll company to respond. All the information you need to submit is managed through a secure portal, ensuring that your data is kept safe.
Methodology for the Best ERC Company
A multitude of ERC services have recently surfaced, yet they don’t all operate similarly. We looked at the following criteria when determining the best ERC company to file a claim with in order to receive a refund:
– Pricing: In order to prepare for the future, we have attempted to pinpoint any expenses that might be incurred if an employee retention check is issued, lest the processing company take all the money
– Bridge Loan Availability: If you have experienced financial losses due to the repercussions of the pandemic, you may want to consider a bridge loan as a way to get through until you receive an Economic Relief Check from the government. We have researched companies that provide this kind of loan so that you can keep all of your business operations running
– Qualifying Process: It’s unfortunate that not everybody meets the requirements for employee retention tax credits. Fortunately, there is an uncomplicated process to check if you can submit a claim and how much you’re eligible for. We analyzed the length of time it requires to arrive at this resolution so you can get back to your duties
– Processing Time: No organization can affect the speed of the IRS in dealing with your case. Submitting your documents quickly could get them to the government right away, potentially getting you paid in a shorter period of time. Consequently, we sought to find an ERC service provider with fast turnaround times
– Other Features: The ability to get a refund is a common trait among ERC services, but a few provide additional benefits to make them stand out. We looked into these bonuses and what you can do with them
>> Visit ERC Specialists and Get a Refund >>
Best ERC Company; Frequently Asked Questions (FAQs)
Are you seeking knowledge about ERC firms and how to go about filing? This FAQ could have the responses you desire.
Are ERC Companies Legit?
The organizations featured on our list with regard to Employee Retention Credit are all reliable. We can’t comment on the credibility of other companies, but it’s likely that some of them are attempting to defraud businesses out of their funds.
How Much Do Companies Charge to Do ERC?
When you apply for an ERC you can anticipate that firms will take somewhere in the range of 20-30% of your refund as a processing fee. This could be a significant amount, so you have to consider how much time you’d spend doing your own paperwork against the total amount you will receive.
What is The ERC Deadline?
The cutoff time to submit an application for the employee retention credit for the year 2020 is April 15th, 2024. The expiration date for applications for 2021 is April 15th, 2025, one year later.
How Long Does it Take to Get a Refund From ERC?
Currently, the IRS requires a period of five months for processing a claim if the documentation is accurate. An Employer Reimbursement Company can assist with ensuring that all documents are correct from the start.
>> Visit ERC Specialists and Get a Refund >>
Bottom Line
The notion that you might be eligible to receive government money during the pandemic is a welcome one. However, the process of submitting and obtaining the funds can be laborious and convoluted.
Fortunately, ERC services are available to make the process easier. Of these, ERC Specialists are the most recommended, but any of the companies we list could be of service.
>> Visit ERC Specialists and Get a Refund >>
Author Details: Ahad Waseem is a business, blockchain, and cybersecurity writer who often takes on art, politics, and economics too. As a linguistic engineer who writes to solve problems, he’s written for various tech and business publications. When he’s not writing, he’s probably on horseback, caring for his houseplants, or training Bonsai trees.
