Business banking at republic bank

Payroll Tax Refunds

Your Refund is Waiting

What would your business do with $300,000?

That’s the gross average payroll tax refund our clients are receiving.1

Republic Bank has partnered with Innovation Refunds, an expert fintech provider, to help you unlock more government incentives and substantial cash refunds.

Benefits of Working with Republic Bank

  • No upfront cost to determine eligibility
  • A team of professionals will guide you through the entire process
  • Our network of tax attorneys and CPA firms will review and prepare your application for submission


Business team ending a successful meeting about their business banking

Was Your Business Affected by COVID-19?

If your business kept employees on payroll during the pandemic, it may be eligible to receive up to $26,000 per employee1 through the Employee Retention Credit (ERC). The ERC is a refundable tax credit created out of the CARES Act to help small businesses.

There is no cost to find out if your business is eligible, and the Innovation Refunds team will guide you through the entire process.


Your business may qualify even if:

  1. Your business stayed open or increased profits during COVID;
  2. Your business received PPP loans;
  3. Your business didn’t qualify for PPP; or
  4. You’ve been previously advised that your business may not qualify.

How It Works

  1. Answer a few questions about your business to determine your eligibility.
  2. If eligible, Innovation Refunds’ team of independent tax professionals will estimate your potential refund.
  3. An independent tax attorney or CPA will work with you to submit your claim.

Facts, Answers, and Questions

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.

It's about more than debits and credits.

At Republic Bank, it’s important to us to provide you with the resources you need to have a bright financial future.

Explore our posts and learn more about credit score myths, savings strategies, the benefits of smaller local banks, and more.

Got questions?
Get answers.

At Republic Bank, our business bankers work hard to learn your story and become your advocate.

Get connected with us, and put Chicago’s hardworking bank to work for your business today.

1Subject to tax evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval.

Republic Bank of Chicago is not affiliated with Innovation Refunds and makes no representations or warranty as to the quality, accuracy, or reliability of Innovations Refunds website.

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