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ERC Refund Status

Are you still waiting on the Employee Retention Credit you filed for your business months ago?

You may be one of many people depending on those earnings to help support their business. Fortunately, there are several ways to check your ERC refund status.

Multiple Options

How do I check on the status of
my business ERC claim?

Option 1

Contact the IRS directly at (877)-777-4778

Option 2

Visit the Where’s My Refund page on the IRS website.

Option 3

For amended claims,visit the IRS amended return status checker.

How Long Does It Take For The ERC Refund To Arrive?

Originally, after the amended payroll reports were filed in 2020, the IRS would issue refunds within six weeks to six months. However, the ERC refund processing timeline has since been extended. Many are now seeing a turnaround time of 20 weeks at minimum, with some waiting upwards of nine to twelve months(1).

Why Is My Employee Retention Credit Refund Delayed?

Due to staffing and pandemic issues, the IRS is severely backlogged on almost everything.

The ERC backlog isn’t expected to clear up anytime soon. As of June 2022, the IRS had 3.7 million unprocessed Forms 941 due to ERC filings along with normal quarterly filings(2).

ERC Filing Deadline

There Are Two Deadlines For You To Be Aware Of If You Have Yet To File ERC Tax Credit for your business.

April 15, 2024

for all quarters in 2020

April 15, 2025

for all quarters in 2021
FAQs

Some Of Your Questions Answered….

ERC stands for Employee Retention Credit.

ERC is a generous stimulus program designed to help businesses retain their valued employees amidst the COVID-19 pandemic.

  • Step 1 – Fill out the Form to check eligibility.

  • Step 2 – Submit documents for 2020-2021 payrolls and any PPP funding received (if any).

  • Step 3 – The IRS approves the application and transfers your ERC refund.

While timelines may vary from business to business, IRS documentation states that receiving your ERC refund could take 20 weeks at minimum.

ERC

  • The Employee Retention Credit is a tax credit given in the form of a check by the IRS that does not need to be paid back.
  • Due to the IRS backlog, receiving ERC funds can take 20 weeks at minimum.
  • There is no cost for ERC because it is a deduction you take on your quarterly tax return. However, if you use a tax filing service, fees may be associated.
  • ERC funding is still available, while PPP ended in May 2021.

PPP

  • The PPP was a forgivable business loan, that if used correctly, such as to fund payroll or pay rent, did not need to be repaid.
  • Funds were directly deposited into a bank account, usually within a week of loan approval.
  • There was no upfront cost for the PPP. Cost was only incurred if the loan wasn’t spent according to the loan term.

 

What Are CARES Act, ERC and PPP?

The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a bill that was passed in response to the economic fallout of the COVID-19 pandemic in the United States. Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) are two programs that fall under this Act.

ERC is a fully refundable business tax credit for small and medium-sized businesses that paid payroll taxes in 2020 and Q1-Q3 of 2021 (recovery startups potentially eligible for Q3 & Q4 2021) which was implemented to encourage and reward business owners who retained employees during the pandemic.

PPP was implemented by the Small Business Administration with support from the Department of the Treasury to provide small businesses with funds to pay up to 8 weeks of payroll costs including benefits.

Regardless of whether your business has a PPP loan or not, we can help you claim your ERC.

FAQs

Here are key differences between the ERC & PPP that you should be aware of:

  • The Employee Retention Credit is a tax credit given in the form of a check by the IRS that does not need to be paid back.
    • Due to the IRS backlog, receiving ERC funds can take 20 weeks at minimum.
  • There is no cost for ERC because it is a deduction you take on your quarterly tax return. However, if you use a tax filing service, fees may be associated.
  • ERC funding is still available, while PPP ended in May 2021.
  • The PPP was a forgivable business loan, that if used correctly, such as to fund payroll or pay rent, did not need to be repaid.
  • Funds were directly deposited into a bank account, usually within a week of loan approval.
  • There was no upfront cost for the PPP. Cost was only incurred if the loan wasn’t spent according to the loan term.
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Our significant experience allows us to ensure we maximize any qualifications that may be available to your business. You can either fill out this form and our team will get back to you or you could reach out to us at 1-855-565-1933
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