The epidemic has been particularly hard on small and medium-sized enterprises. The government has created a credit for enterprises that satisfy specific requirements and retain a certain number of their original employees.
Could these funds help your company? Find out how the employee retention credit works and which organizations are the best to utilize to collect your return by reading this article.
What Is Employee Retention Credit?
To encourage companies to retain their workers on the payroll during the COVID-19 pandemic, the CARES Act of 2020 established a refundable Employee Retention Credit (ERC).
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To help small and medium-sized businesses recover from shutdowns or significant income losses in 2020 and 2021, the government is providing financial assistance. These firms may be the only ones that can get funding.
A large pandemic relief fund may be available to businesses, up to a cap of $26,000 per retained worker. In 2020, each worker will have the opportunity to earn up to $5,000, and in the first three quarters of 2021, that amount will rise to $7,000.
Your best ERC company's eligibility for assistance is determined by the total amount of qualifying salaries and healthcare costs paid or reimbursed on behalf of your employees.
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The 5 Best ERC Companies for 2023
- ERC Specialists - Best Overall
- Bottomline Concepts - Best for Maximizing Your Refund
- Omega Accounting Solutions - Best for Bridge Loans
- ERC Today - Best for Quick Processing
- ERC Assistant - Best for Business Knowledge
Our research on the best ERC company included looking at things like how much it costs to use their services, whether or not they provide bridging loans to keep things operating, who is eligible to file a claim, and how long they give you to do so.
ERC Specialists : Best Overall
| Pricing | Based on a portion of the refund received |
| Star Rating | 4.8 |
Due to the fact that employee retention credits are handled via payroll returns rather than income taxes, the best ERC company offers a distinctive advantage to its clients by virtue of the extensive payroll knowledge and experience that it has.
It’s expected that companies that take advantage of the services offered by their ERC get an average of 10–20 percentage points more than companies that are not acquainted with the program.
In addition, the speed at which they handle transactions is exceptional, which means that you will be paid in a shorter amount of time.
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Why we chose it: The most trustworthy environmental remediation company (ERC) lives up to its name by providing larger reimbursements than the majority of other companies operating in the same industry.
Pros:
- Usually able to recuperate 10–20% more than similar companies
- Experience processing paychecks dating back decades
- Rapid lightning-fast results
Cons:
- Uncertainty in pricing and fees
- Qualification process that takes too long
- No other financing options exist
Pricing: Since the charge for using the ERC Specialist is based on your return total, there is no set pricing for using their services. You may either pay once you get your return or pay ahead of time to save money.
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Bridge Loans Available
ERC Specialist does not provide bridge loans, despite the fact that it has many other advantages. If the epidemic has put a financial strain on the ERC company, you may want to look into local banks and other lending institutions for assistance.
Qualifying Process
A detailed questionnaire serves as the methodical foundation for the qualifying procedure. After you have finished filling out the form, a representative from ERC Specialist will get in touch with you to assess whether or not you are qualified to get a refund.
Processing Time
The procedure has been improved at the ERC Specialists so that it may be completed in less time. You can expect to get the necessary documents to examine and sign within the next several weeks at the very latest.
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Other Features
Payroll expertise, which is crucial to making the most of the grant you were awarded, is held by just a small minority of the companies that provide assistance with employee retention.
ERC Specialist, on the other hand, has decades of expertise in this field, which helps their staff understand the process in its totality because of their extensive exposure.
Bottomline Concepts : Best for Maximizing Your Refund
| Pricing | Based on your grant |
| Star Rating | 4.7 |
Having helped major companies like Rolex, GNC, and the Boston Red Sox regain revenues lost due to the COVID epidemic, Bottomline Concepts has shown itself to be a trustworthy source for ERC awards.
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The best ERC company has a team with an in-depth understanding of the grant system and has recouped over $1.2 billion. Bottomline Concepts only gets paid if they are successful in raising money for their customers. Therefore, there’s no risk of losing money if the grant is rejected.
Why we chose it: For a trustworthy ERC service that will boost your grant amount in increments, look no further than Bottomline Concepts.
Pros:
- Partnered together with many large corporations
- Nearly $1.2 billion worth of credits were recovered
- Your business is at no risk
Cons:
- There’s no information on the costs
- Sometimes waiting for a return call is unavoidable
- You may only contact us via this website
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Pricing: Bottomline Concepts does not publish prices on its site, but you can be certain that payment is required only if they are successful in securing a grant for you.
Bridge Loans Available
Overall, Ideas does not provide any kind of bridging loan. You should go to a bank or other financial institution if you need emergency operating capital.
Qualifying Process
You may find a simplified application to see whether you meet the requirements for the program on the Bottomline Solutions website.
Even if your time in the program is short, this quiz has been created to help you determine whether you qualify. When you're ready to go forward with the process, a business person will get in touch with you once you've filled out the form.
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Processing Time
Bottomline Concepts has a specialized department that helps a wide range of clients with employee retention credits.
Although Bottomline Concepts has no control over how quickly the Internal Revenue Service processes your payments, the straightforward instructions they present do help speed up the refund process.
Other Features
Bottomline Concepts has employees that are experts in the ERC filing process. With the use of a brief questionnaire, we can ascertain if you are qualified for a refund and what the maximum amount of that return will be.
Omega Accounting Solutions : Best ERC Company for Bridge Loans
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| Pricing | Not listed |
| Star Rating | 4.6 |
Omega Accounting Solutions provides a free ten-minute consultation during which they will walk you through how to submit the papers and then give you an ERC calculator so that you can estimate your refund.
They provide bridging loans in the event that you want a loan to keep your business viable and do not want you to have to wait for the IRS.
Why we chose it: At Omega Accounting Solutions, the application process is brisk, and within a short period of time, you will be able to get a rough estimate of the amount that’s owed to you.
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Pros:
- Bridging loans are made available by the most reputable ERC provider
- The application may be completed in a few easy steps
- Calculator of the Integrated ERC
Cons:
- Does not provide any information on the pricing
- An arrangement that’s not entirely obvious to the observer
- A more limited base of customers
Pricing: On the Omega Accounting Solutions website, it’s completely difficult to get any information on prices. As a result, it’s strongly suggested that you inquire about the cost of your particular circumstance while you are taking advantage of the free consultation.
Bridge Loans Available
Bridge loans are made available by the parent company's subsidiary, Omega Funding Solutions, and the loan amount is based on the anticipated ERC reimbursement. The money may be obtained in as short as three days with no upfront fees.
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Qualifying Process
Filling out a form on Omega Accounting Solutions' website is the first step in getting qualified. If their first inquiries are answered, they will be offered a ten-minute consultation with an agent at no cost.
Processing Time
You must qualify in order to get help from Omega. The three-step method is straightforward: submit your paperwork online, have the experts calculate your refund, then file your taxes for you.
Other Features
Before beginning the paperwork process, your team may get an idea of how much they can anticipate getting by using the free calculator provided by Omega Accounting Solutions. Until you have faith in the result, there’s no use in investing money.
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ERC Today : Best ERC Company for Quick Processing
| Pricing | A portion based on the refund received |
| Star Rating | 4.2 |
It's possible that ERC Today is your best bet for a speedy refund if that's what you want. Your request will be attended to by the IRS within a maximum of seven days if you get assistance from their system with the necessary documents.
Because this is their area of expertise, they have developed a high level of expertise in navigating complex bureaucratic systems without resorting to deceptive practices.
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They provide you with access to a protected client portal, which shields your sensitive information from being accessed over the internet.
Why we chose it: It just takes a week to have an account set up, and then you can immediately start submitting claims using their user-friendly and adaptable software.
Pros:
- Faster calculation
- The only source of funding comes from employee retention incentives
- A risk-free method for making applications
Cons:
- There will be no bridging loans provided by the corporation
- Hidden charges
- Does not interact with the payroll program you are currently using
Pricing: It’s not clear what percentage of your return constitutes the charge that ERC Today deducts as their payment for the services they provided. On the other hand, filing is completely free, and throughout the process, you will find out how much the best ERC business plans keep for themselves.
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Bridge Loans Available
ERC Today's principal goal is to get consumers their refunds as quickly as possible rather than to give bridging loans or other perks. Their primary goal is to expedite the filing procedure for their consumers so that they may obtain their money back as soon as possible.
Qualifying Process
To begin the process of assessing your grant eligibility, you will need to complete a 12-item questionnaire. If you make it beyond the first round of testing, you'll be granted access to a secure submission site.
Processing Time
With ERC Today , you may file your claim to the IRS in as little as two weeks. The level of precision is also quite good.
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Other Features
Without having to wait for a response from your payroll provider, program professionals from ERC Today can help you with your claim immediately. All required data submissions are handled via an encrypted site for maximum safety.
ERC Assistant: Best ERC Company for Business Knowledge
| Pricing | Not listed |
| Star Rating | 4.5 |
Members of the ERC Assistant team are seasoned entrepreneurs. After raising more than double their initial goal of $1.5 million, they made the decision to share their success formula with other companies.
If you meet their requirements, they will put you in touch with the right firm to help you achieve your goals. Thanks to their brief 45-second quiz, everything goes smoothly and quickly.
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Why we chose it: Business owners who have been through the process themselves support ERC Assistant, which aims to recover the most money from the government as possible for your organization.
Pros:
- Originates from a band of business owners who saw value in pooling their resources
- Advice for those who work in accounting
- Easy and quick application process
Cons:
- The cost is unknown at this time
- It cannot fill the gap with bridging loans
- There’s no assurance of success
Pricing: The use of ERC Assistant to get permission is cost-free. The company does not discuss its rates, but the value of the service you get will determine how much you pay.
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Bridge Loans Available
Bridge loans are not a service that ERC Assistant provides at this time. Instead, they'll put you in touch with the company to process your refund as soon as possible. You should look for a reliable lender if you need money quickly.
Qualifying Process
ERC Assistant can tell you in just 45 seconds whether you're eligible for a refund. If you do, we'll have a staff member get in contact with you to talk about the specifics.
Processing Time
Since ERC Assistant is not an accounting company, making a choice may take some time. Making the right decision, though, may simplify the application process.
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Other Features
Employees at ERC Assistant are company owners, not faceless bureaucrats since they themselves have applied for and received the largest award available to small and medium-sized enterprises. As a consequence, they know exactly what it takes to get the same results for you.
Methodology for the Best ERC Company
Recently, a plethora of ERC services have emerged, but they don't all function in the same way. We considered the following factors while selecting an ERC provider to register a claim with:
- Pricing: We have made an effort, in the interest of being well-prepared for the future, to identify any costs that may be paid if an employee retention check is issued; this is to ensure that the processing business does not steal all of the money.
- Bridge Loan Availability: If you've lost money as a result of the pandemic's effects, a bridge loan might help you get by until you get your Economic Relief Check from the government. So that you may maintain normal company operations, we have looked into banks and other lending institutions that provide such loans.
- Qualifying Process: It's a shame that not everyone is eligible for tax breaks for retaining employees. Thankfully, determining whether or not you may file a claim and for how much is a straightforward procedure. So that you can go back to work, we calculated how long it would take to reach this conclusion.
- Processing Time: The IRS's processing time is not something that can be influenced by other parties. If you submit your paperwork promptly, the government will have it and may process your payment sooner. As a result, we looked for a reliable ERC service that could do jobs quickly.
- Other Features: While refunds are available for the vast majority of ERC services, some provide special features that set them apart. We analyzed these incentives and determined their utility.
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Best ERC Company: Frequently Asked Questions (FAQs)
Are you interested in gaining an understanding of ERC businesses and the process of filing? You can find the answers to your questions in our FAQ.
Are ERC Companies Legit?
Regarding the Employee Retention Credit, you may rely on each and every one of the companies that we have mentioned on this list.
We’re unable to comment on the reliability of other firms, but it’s quite possible that some of them are seeking to steal money from other enterprises by using fraudulent means.
How Much Do Companies Charge to Do ERC?
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It’s common practice for companies to deduct a processing charge equal to 20%-30% of your expected ERC return. Given the potential size of this sum, it's important to weigh the benefits of handling your own paperwork in this situation against the costs.
What Is the ERC Deadline?
For the 2020 employee retention credit, the application deadline is April 15, 2024. The deadline for submitting a 2021 application is April 15, 2025.
How Long Does it Take to Get a Refund Rrom ERC?
The current IRS processing time for a claim with supporting evidence is five months. All paperwork may be checked for accuracy by an Employer Reimbursement Company.
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Bottom Line
The possibility of receiving aid from the government during the epidemic is encouraging. However, the application and approval processes may be time-consuming and confusing.
Thankfully, you may make use of ERC services to streamline the process. ERC Specialists is our top pick, although any of the firms above are worth considering.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
