Payroll Tax Refunds

ERC is a payroll tax refund born out of the same COVID relief bill as PPP, which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either the PPP or ERC, but not both. In early 2021, the rules changed and your business can claim ERC even if you received PPP funds.

PPP was a forgivable loan. ERC returns to the business payroll taxes they already paid. Once you receive the ERC funds from the U.S. Treasury, no further action is required on your part.

Determining the proper amount that you’re entitled to is a complex accounting process that requires an expert analogous to an orthopedic surgeon or cardiologist. One of the reasons we chose to partner with Innovation Refunds is that their expert CPAs and tax attorneys determine, for free, exactly how much money your business is eligible to receive. Helping businesses properly unlock these government incentives is Innovation Refunds’ specialty.

For Republic Bank clients, there is no upfront cost to determine if your business qualifies, and if so, to receive your refund. On average, Innovation Refunds will invest 14 hours of expert CPA/attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to move forward, Innovation Refunds merely shares in a percentage of the money that you actually receive from the government.

Time is of the essence. We all know that government funded programs are subject to change. As of today, you can obtain these funds but for how long remains uncertain. PPP, Restaurant Revitalization, and other funds ran out without notice. Don’t delay! Be sure to claim your spot in line and receive the funds rightfully owed to you.

We have a variety of business checking accounts designed to suit your needs. You can browse them here; then visit a branch to open yours today.