Claim Fee Funding – ERC Claim Fee Funding for Class Action Recovery and CPA Firms. Class action recovery companies and CPAs with books of Employee Retention Credit (ERC) claims approved for payment from the Internal Revenue Service (IRS) can now receive financing from Balanced Bridge Funding. Balanced Bridge can provide an advance based on a portion of fees owed to class action recovery companies and CPAs for their work on ERC claims.
Since 2016, Balanced Bridge provides financing to plaintiffs’ lawyers, insurance agents and brokers, professional athletes, real estate agents and brokers, real estate investors (fix and flip), trucking and freight companies, and class action recovery firms on their delayed cash flows.
The federal government enacted a series of measures like the Paycheck Protection Program (PPP) from the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) passed by Congress and signed into law by former U.S. President Donald Trump. CARES is widely credited with helping the business community during the height of the Covid 19 pandemic. Specifically, for small businesses, there were parts of the law designed to help them. PPP provided money directly to businesses that applied for funding using a formula that included the number of employees, lost revenue, and other factors.
According to the IRS, ERC is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. When the legislation first passed, businesses that received PPP were not able to be eligible for ERT. In addition, eligibility was limited to companies with under 100 employees.
However, within the Taxpayer Certainty and Disaster Tax Relief Act passed in 2020, companies that received PPP can now be eligible to receive ERC. The IRS issued guidance on the change in 2021. In a recent article published by INC, a representative from a payroll company wrote about the changes to the law. This has expanded the number of businesses that can qualify for the ERC and increased the number of clients that class action recovery and CPA firms can help in this regard.
Balanced Bridge is able to provide funding to class action recovery companies and CPAs based on their fees connected to their book of ERC claims. The minimum we can provide is $10,000. Balanced Bridge is a direct funder and not a broker. For more information about how the funding process works, contact us at 267-457-4540 or email info@balancedbridge.com. Interested applicants can fill out an application today to get the process started.
