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FREQUENTLY ASKED QUESTIONS

QUESTION:   Is selling my ERC Refund Claim a loan? Do I have to make weekly or monthly interest payments?

Answer:  No. It is not a loan. We simply purchase your ERC refund Claim at a discount. There are no weekly or monthly interest payments at all.

QUESTION: How long does it normally take the government to send my ERC Refund check?

ANSWER: With the growing number of business owners filing for a refund, it could take between 6 to 12 months.

QUESTION: Do I have to sell all of my ERC Refund or can I only sell a portion?

ANSWER: No, you do not have to sell your entire refund claim. You can only sell a portion. You also have the option of selling an additional portion later since you are already approved

QUESTION: How long does it take?

ANSWER: Typically two weeks from the time all of the required documents are received.

QUESTION: What do I need to have to be eligible to apply?

ANSWER: You will need a valid ERC Refund Claim already filed.

QUESTION: Is it a lengthy process involving a lot of paperwork?

ANSWER: Not at all. To apply all you need is a copy of the ERC Refund Package already submitted, two recently filed tax returns, a copy of your drivers license, and 3 bank statements.

QUESTION: Am I still eligible if I received PPP funding?

ANSWER:  Yes you are still eligible.

QUESTION: Can the fee for my ERC preparer be deducted from the advance?

ANSWER: Yes it can. We do not charge an extra fee for making this deduction.

QUESTION: How much can I expect to get when I sell my refund?

ANSWER: We normally advance between 60 to 70% of the Purchase Price, based on your approval rating. The balance of the Purchase Price is paid once your ERC check is received.

QUESTION: Do I need any additional collateral?

ANSWER: No additional collateral is required. Your ERC Refund check will be sent directly to us by the government.

QUESTION:  What if I have existing UCC  filings from my bank, SBA, or from MCA advances? Do you need to be in first position?

ANSWER:  We do not require being in first position even if you have existing UCC filings.

QUESTION: What if I have existing tax liens or past due unpaid taxes. Am I still eligible?

ANSWER: Yes you are.  You are eligible to borrow against your remaining balance, once these amounts have been deducted from your ERC Refund Claim amount.

QUESTION: How do you determine the Purchase Price of my ERC Refund Claim?

ANSWER: The Purchase Price is based on your approval rating.

QUESTION: How is my approval rating determined?

ANSWER: There are a  number of factors  considered including time in business, overall business rating, personal credit score, refund amount, etc. Your  approval rating  will specify your ERC Refund Purchase Price, advance amount (60%-70% of Purchase Price), admin/processing fees, and the remaining balance  you will receive after your IRS refund check is received.

 In addition, your approval will also reflect the additional credits you are eligible to receive, in dollars and cents, if your refund check is received in 9 months or less. The sooner your check is received, the larger the credit included as well.

QUESTION: What happens after I accept my approval?

ANSWER: Once you accept your approval, a closing docs package is prepared and executed  by docusign. A closing call is conducted, the lockbox is set-up, and you are funded via ACH within 24 hours or less.

QUESTION: Is there a minimum credit score required for approval?

ANSWER:   Yes. A  minimum 600 credit score is required.

QUESTION: Is there an application fee?

ANSWER: No. There is no fee to apply.

QUESTION: Can we use the money for any business purposes?

ANSWER: Yes. Use of the funds is not restricted.  You can be used for any business purpose.

QUESTION: What is the ERC Credit, and why does the government offer it to business owners?

ANSWER: Under the CARES ACT, the Employee Retention Credit is a refundable tax credit  paid to companies impacted by covid-19 but maintained their employees during the pandemic. Business owners may be eligible for a refund paid by the IRS, in the form of a check, for eligible employees, during 2020 and 2019 against 941 payroll taxes previously paid.

Question: Is there a minimum or maximum  ERC Refund claim that can be finalized?

Answer:  Yes. Minimum of $75,000 with no maximum