That's the average payroll tax refund amount our SMB clients have received.
If your business kept employees on payroll during the pandemic, it may be eligible to receive up to $26k per employee through the Employee Retention Credit (ERC). The ERC is a refundable tax credit created out of the CARES Act to help SMBs.
Check your EligibilityStep 1
Answer a few questions about your business to determine eligibility.
Step 2
If eligible, Innovation Refunds' team of independent tax professionals will estimate its potential refund.
Step 3
An independent tax attorney or CPA will work with you to submit a claim.
With a network of independent tax attorneys, CPAs, and tax professionals, our strategic partner, Innovation Refunds, can help eligible businesses claim the ERC. Plus enjoy the benefits of:
No Upfront Cost
Find out if your business may be eligible, with no upfront cost.
Full Service
You'll be assigned a team of professionals who will guide you through the entire process.
Network of Professionals
Our network of independent tax attorneys and CPAs review and prepare the application for submission to the IRS.
The period to apply for the ERC is scheduled to end.
Employee Retention Credit (ERC) is a payroll tax refund born out of the same COVID relief bill as PPP which incentivized businesses that kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either PPP or ERC but not both. In early 2021 the rules changed and now your business can claim ERC even if you received PPP funds. That’s great news.
PPP was a forgivable loan. Employee Retention Credit (ERC) returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury no further action is required on your part
The IRS expects 70% - 80% of small and medium businesses to qualify. If your business experienced disruptions to commerce, travel, or group meetings, you qualify! This includes supply chain disruptions, price increases, staffing shortages, difficulty hiring, reduced hours, reduction in goods or services offered, were unable to travel, or attend conventions. Talk to one of our bankers to find out more.
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 that we choose 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 to properly unlock these government incentives is Innovation Refunds’ specialty.
For Colony Bank customers, there is no upfront cost to determine if your business qualifies and if so, to receive what amount of money. Innovation Refunds on average invests 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.
We all know that government funded programs are subject to change. Time is of the essence. 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.
