In this video update, we discuss many of the recent legislative changes for the ERTC, the current IRS turnaround times, and a few solutions for receiving a refund in less than a month.

We wanted to create a video to basically let you know some of the things that we're seeing in the ERTC application process, the current turnaround times from the IRS where we're seeing the actual refund check being sent back to the business, and then ultimately a solution that we found to shorten that time frame from where it's at to down to two to four weeks depending on if a business needs access to that capital sooner.

So if you have not already filed for the ERTC, or if you were told in the past that you're not eligible for it, I would highly recommend at least going through the free 30-second eligibility quiz that we have linked below.

Essentially that'll give you a better understanding of the new legislation that's passed which has changed five times in the past year alone, and ultimately may or may not change again in the future as well too, so time is kind of the essence to get these applications in as soon as possible not only because the legislation might change again but also because the IRS backlog is getting worse and worse.

As the recording of this video, the turnaround is currently anywhere between 5-9+ months - we've heard some longer than that, but they weren't the companies that filed through one of the specialist firms that we're working with.

A lot of the times if a company filed or calculated their refund internally or had their own CPA or accountant file it for them, we've seen it take anywhere from like 10 to 12 months and sometimes even longer to get their answer back. What's happening is those amended 941x's are being sent to the IRS, and if they find any issues with it or if there's anything questionable in the application, then it's just going to get denied or adjusted.

If that happens, it could restart that timeline all over again (which delays the whole process), so you want to make sure that these calculations are done correctly the first time, so you at least get the initial time frames with the IRS locked in.

As of right now, that's anywhere from 5-9+ months (or potentially even longer depending on who filed and who did the calculations), but that's still a long time to wait (especially with everything that's going on in the world right now).

So what we did over the past few months is search for a fund or a financing solution that would be willing to lend against these credits (since they are actual refund checks that are being sent back to the business), and would be willing to lend against that.

So what they're willing to do is lend up to 90 percent of the overall refund, which means they'll have a 10 percent escrow "holdback" just in case the IRS comes back saying you miscalculated and we need to adjust your refund, so you won't have access to that until the IRS releases the funds, but you'll be able to get the rest of the capital upfront, and you can deploy it however you see fit.

Whether it's for growth or survival or whatever you need the money for in the business, you can now access that money much faster. That said, if you have not filed yet or if you're not sure about your eligibility (despite or regardless of whatever you've been told in the past), I'd highly recommend going through the 30-second eligibility quiz and at least getting a free consultation to make sure that this is something that you're not missing out on...

Because a ton of companies are leaving money on the table with this and only a tiny percentage of the actual money that's been allocated toward this has been funded in actual refunds, so I would implore you to at least do a little bit more research find out if your company is eligible.

Likewise, if there's anything that my team can help you with, or answer any questions you have, we have a whole series of frequently asked questions on our website and also the eligibility quiz listed below.