7 Best ERC Companies to Consider in 2024 – Reviewed & Ranked
The small and medium-sized business sector suffered significant economic damage due to the COVID-19 pandemic. To address this, the government has implemented Employee Retention Credit to provide financial assistance to companies that meet specific criteria.
Do you need more crucial funds? Continue reading to discover how Employee Retention Credit operates and identify the top ERC companies that can help you secure those much-needed refunds.
>> Best ERC Company: ERC Specialists >>
What Is Employee Retention Credit?
The Employee Retention Credit (ERC) allows businesses to receive a tax credit if they choose to retain their employees amidst the COVID-19 pandemic. This credit is made available through the Coronavirus Aid, Relief, and Economic Security (CARES) Act established in 2020.
Companies affected by shutdowns or experienced significant declines in gross receipts during 2020 and 2021 may be eligible for financial assistance from the government. However, only small to medium-sized businesses are eligible for this package.
As part of a larger relief fund to combat the pandemic's effects, employers can receive up to $26,000 per employee they retain. Specifically, it’s possible to collect up to $5,000 per employee for 2020 and $7,000 per employee for the first three quarters of 2021.
The amount your company can qualify for depends on qualified wages and any healthcare expenses paid out on behalf of your team members.
>> Visit ERC Specialists & Get a Refund >>
The 7 Best ERC Companies for 2023
- ERC Specialists - Best ERC Company Overall
- Bottom Line Concepts - Best for Medium Businesses
- Omega Accounting Solutions - Best for Bridge Loans
- ERC Today - Best for Quick Processing
- ERC Assistant - Best for Business Knowledge
- Lendio - Best for Business Financing
- Innovation Refunds - Best for Protecting Your Money
In our quest to find the top ERC companies, we considered the expenses associated with their services and whether they offer bridge loans to ensure continuous operation.
We also evaluated the eligibility criteria and processing time for filing claims. We examined unique features that distinguish each company from others.
For a more comprehensive breakdown of our approach, please refer to this detailed explanation of our methodology.
ERC Specialists: Best ERC Company Overall
ERC Specialists come into play with a wealth of payroll experience already in their repertoire. Employee Retention Credits obtained through payroll returns rather than income taxes give the team a distinct advantage.
Consequently, businesses that work with ERC Specialists earn 10% to 20% more than those less acquainted with the program. The processing speed at ERC Specialists is breakneck, allowing you to receive your payment much quicker.
Why we chose it: ERC Specialists lives up to its reputation by consistently delivering more outstanding refunds than other firms in the field.
Pros:
- Rapid results
- Decades of experience in payroll
- Generally recovers 10-20% more than other companies
Cons:
- Unclear fee structure for pricing
- Extensive qualification process
- Lack of loan options
Pricing: When working with ERC Specialists, the cost isn’t fixed and varies based on your refund. You have the option to pay after receiving your money or receive a discount if you choose to pay in advance.
Bridge Loans Available
Although ERC Specialists has many attractive features, it doesn’t provide bridge loans as an option. If your business is experiencing financial difficulties due to the pandemic, consider seeking funding alternatives from a bank or lending institution.
Qualifying Process
Prepare to embark on a comprehensive and meticulous questionnaire to guide you through determining your eligibility. Once you have completed the form, one of our experts at ERC Specialists will reach out to you, regardless of whether or not you qualify for a refund.
Processing Time
ERC Specialists prides itself on its efficient workflow, resulting in quicker completion times. Typically, it only requires a couple of weeks to assess your documents and provide you with the necessary paperwork for signing.
Other Features
Many companies providing Employee Retention Credit support need more payroll expertise to make the most of your grant. With decades of experience in this field, ERC Specialists have developed a deep understanding of the entire process.
>> Consider ERC Specialists >>
Bottom Line Concepts: Best for Medium Businesses
Bottom Line Concepts has a successful history regarding ERC grants. They have collaborated with renowned entities such as Rolex, GNC, and the Boston Red Sox to recover funds lost due to the COVID-19 pandemic.
The team at Bottom Line Concepts possesses a strong comprehension of the grant procedure, having recouped more than $1.2 billion thus far. The best part is that they only receive payment based on the amount they secure for your company. You’ll only lose funds if you meet the qualifications.
Why we chose it: Bottom Line Concepts works on your behalf, utilizing its established procedure to optimize the amount of your grant.
Pros:
- Successful recovery of over $1.2 billion in credits
- No risk for your business
- Collaboration with various renowned companies
Cons:
- Pricing details undisclosed
- Callbacks may take some time
- Contactable only through online form
Pricing: Bottom Line Concepts keeps its pricing details confidential on its website. However, you can be confident that you will only be required to pay if the company successfully secures grant money on your behalf.
Bridge Loans Available
Bottom Line Concepts doesn’t offer bridge loans. If you require financial assistance to address a temporary gap in operations, you will need to seek out a bank or lending institution.
Qualifying Process
You can determine your eligibility for the program by completing a brief form on the company's website. The form consists of carefully crafted questions designed to assess whether you qualify, even if it's within a limited timeframe.
After submitting the form, a representative from Bottomline Solutions will contact you to proceed with the following steps.
Processing Time
Bottom Line Concepts boasts a specialized department catering to numerous clients seeking Employee Retention Credits. Their user-friendly procedure expedites the refund process.
Other Features
The knowledgeable team at Bottom Line Concepts deeply understands the process of filing ERC. They have created a user-friendly questionnaire that guarantees your eligibility for a refund and clearly outlines the exact entitlements you can expect.
>> Consider Bottom Line Concepts >>
Omega Accounting Solutions: Best ERC Company for Bridge Loans
While Omega Accounting Solutions cannot dictate the actions of the IRS, they’re proficient at swiftly handling their processes. Their efficient approach begins with a complimentary ten-minute consultation and a step-by-step guide for uploading your necessary documents.
To estimate your potential refund, Omega Accounting Solutions offers an ERC calculator to give you a general idea. However, if waiting isn’t an option, they also provide bridge loans to help you stay financially stable in the interim.
Why we chose it: Omega Accounting Solutions offers a speedy application process that estimates your owed amount in just minutes.
Pros:
- Provides bridge loans
- Rapid application process
- Includes an ERC calculator
Cons:
- No provision for pricing information
- Somewhat confusing structure
- Smaller client base
Pricing: Omega's website doesn’t disclose pricing information. When you have your consultation, ask about the expenses related to your particular situation.
Bridge Loans Available
Omega Funding Solutions is a subsidiary of the main company, specializing in providing bridge loans. The loan amount you qualify for will be based on the anticipated refund from your Early Repayment Charge (ERC) when you file. There’s no upfront payment required, and you can receive the funds within a short period of three days.
Qualifying Process
The initial step in the qualification process is to fill out a straightforward form on the website of Omega Accounting Solutions. If you meet the requirements outlined in the initial queries, one of their representatives will contact you for a complimentary ten-minute consultation.
Processing Time
Omega guides you through a straightforward three-step process as long as you meet the requirements. Initially, you must submit relevant documents via the website. Our specialists will assess your refund and compile the necessary filing.
Other Features
Omega Accounting Solutions offers an ERC calculator to manage your team's expectations before you submit your paperwork. You can rest assured that no cost is involved until you understand what lies ahead.
>> Consider Omega Accounting Solutions >>
ERC Today: Best ERC Company for Quick Processing
ERC Today could be your top choice if you want a speedy refund. Their efficient system ensures you can complete the filing process in seven days, enabling the IRS to process your claim promptly.
Specializing solely in this area, ERC Today has mastered navigating through bureaucratic hurdles without compromising integrity. They have implemented a secure client portal to safeguard your confidential data from online threats.
Rest assured that with ERC Today, you'll experience efficiency and security throughout the refund process.
Why we chose it: ERC Today offers a user-friendly and adaptable system that allows you to submit claims within seven days.
Pros:
- Accelerated processing times
- Devoted to Employee Retention Credits
- Secure application process
Cons:
- Nontransparent fees
- Lack of integration with your payroll system
- Absence of bridge loans for businesses
Pricing: ERC Today fails to provide a transparent breakdown of the portion deducted from your refund as their operational cost. The filing process is free, but you will only discover the amount the company intends to retain as you progress through it.
Bridge Loans Available
ERC Today is a dedicated expert in securing refunds for you. They don't engage in bridge loans or additional benefits, focusing solely on getting your money back promptly by expediting the filing process.
Qualifying Process
To determine eligibility for a grant, you must complete a preliminary application consisting of 12 questions. Once your application is approved, you can access a secure portal to submit your required documents.
Processing Time
ERC Today is known for its efficient and precise claim processing. It typically takes them around one to two weeks to submit your claim to the IRS, making it one of the fastest in the industry. Not only do they work quickly, but they also ensure accuracy throughout the entire process.
Other Features
At ERC Today, our program specialists are available to assist you with your claim, eliminating the need to navigate any delays caused by your payroll company.
We provide a secure portal for submitting all necessary information, ensuring your data is always protected. Rest easy knowing that we prioritize the safety and confidentiality of your information.
ERC Assistant: Best ERC Company for Business Knowledge
ERC Assistant comprises a group of entrepreneurs who deeply understand the process. With an impressive excess funding of over $1.5 million, the team is determined to replicate this success for other businesses.
If you meet the requirements, the ERC Assistant will connect you with the appropriate company to ensure you receive what you’re entitled to. Thanks to the ERC Assistant's quick and easy 45-second questionnaire, qualifying for your grant has never been simpler.
Why we chose it: The ERC Assistant is supported by entrepreneurs who have experienced the procedure to obtain the highest possible reimbursement for your business.
Pros:
- Recommendations from accounting firms
- Swift qualification process
- Established by a team of fellow business owners
Cons:
- Absence of listed pricing information
- No provision for bridge loans
- Results aren’t guaranteed
Pricing: Getting started with ERC Assistant is completely free. While the company doesn't disclose its pricing, its fee is based on the results you receive.
Bridge Loans Available
Currently, ERC Assistant doesn’t offer any bridge loans. However, their team will connect you with a top-notch company that can expedite your refund process. If you require immediate help, you should seek assistance from a reliable lender.
Qualifying Process
Determining your eligibility for a refund is a breeze with the ERC Assistant's speedy qualification process. In just 45 seconds, you'll find out if you can get your money back. Should you meet the necessary criteria, one of our team members will reach out to guide you through the following steps.
Processing Time
Since ERC Assistant isn’t an accounting firm, choosing the most suitable one for your needs may take some time. Having the best firm by your side can provide a smoother filing experience.
Other Features
ERC Assistant is managed by fellow entrepreneurs rather than being staffed by individuals confined to a conventional workplace.
These entrepreneurs have personally experienced the grant application process and possess an intimate understanding of the steps necessary to secure the most substantial funding for your small or medium-sized enterprise.
Lendio: Best ERC Company for Business Financing
Lendio is known for its diverse financing options that help keep your business in excellent shape. Whether you require funds for purchasing equipment, covering accounts receivable, or any other financial need, Lendio has a solution tailored to you.
In most instances, you can expect to receive the necessary cash within 24 hours. The rates offered for ERC processing are highly competitive, and with the convenience of their mobile app, applying is a breeze no matter your location.
Why we chose it: Lendio provides a wide range of financing options for acquisitions, equipment, and general business needs, ensuring that you can continue operating while awaiting a refund.
Pros:
- Numerous financing options are available
- Competitive fees for ERC processing
- Convenient mobile app
Cons:
- Extended application times
- Not exclusively focused on ERC
- Limited information on lenders
Pricing: Checking eligibility or applying for a refund with Lendio incurs no fees. When it's time to receive your funds, the company takes a reasonable 15% as its share of the process.
Bridge Loans Available
Lendio provides bridge loans and offers a range of other financial services. Once you apply, you can expect to receive general loans within 24 hours at competitive repayment rates.
In addition, Lendio provides specialized loans with favorable terms that aim to support your business's growth and take it to new heights.
Qualifying Process
Lendio's straightforward process begins with a brief questionnaire. If you successfully pass, an agent will contact you to assist in finalizing the necessary steps.
Processing Time
There may be a delay When going through the Lendio application process. It takes around 25 days to complete filing your claim with the IRS on average. After that, you depend on the government to receive what is rightfully yours.
Other Features
Lendio understands that completing paperwork can be tedious, so we have integrated with over 150 payroll applications to streamline the process.
Whether you prefer submitting claims through your computer or using our convenient mobile app, you can apply for loans from anywhere with an internet connection. We aim to make the application process as efficient and accessible as possible for our customers.
Innovation Refunds: Best ERC Company for Protecting Your Money
Experience peace of mind with Innovation Refunds, a trusted resource for navigating the complexities of Employee Retention Credit documentation. Our skilled tax attorneys will meticulously review your paperwork, ensuring accuracy and maximizing your potential refund.
Unlike other services, we only get compensated once you receive your refund, and our extensive network is prepared to defend our work if the IRS decides to investigate.
At Innovation Refunds, we assign a dedicated ERC refund specialist to handle your claim - no impersonal computer algorithms here personally. While our fees may be slightly higher than others, you can rest easy knowing there are no surprises.
Why we chose it: With a team of experienced tax attorneys and free audit protection, we guarantee you will maximize your refund and safeguard your funds. Our experts are dedicated to helping you get the most from your refund while ensuring its security.
Pros:
- Team of tax attorneys for defense work
- Dedicated ERC refund specialist
- Audit protection at no additional cost
Cons:
- Retains 25% of your refund
- No loan options are available
- Longer qualification process compared to some
Pricing: Innovation Refunds will deduct 25% from your Employee Retention Credit as compensation for its effort to generate income for you. As the company's profit is linked to yours, you can be assured that you will receive the maximum amount possible.
There are no undisclosed expenses, so you have complete transparency from beginning to end regarding your payment obligations.
Bridge Loans Available
To prioritize its efforts in securing funds for you, Innovation Refunds doesn’t offer bridge loans to fill income gaps. If you cannot wait until your payment is received, consider exploring financing options available through your bank.
Qualifying Process
To initiate the claim process, you must first determine your eligibility for a grant. From there, the goal is to secure the maximum amount of money available. Due to this objective, it may take approximately eight minutes to complete the required form.
Processing Time
When you choose Innovation Refunds, you can be confident that a genuine person will assist you during regular business hours. Our agents are prompt and effective in handling claims, but they also prioritize ensuring you receive the compensation you deserve.
Other Features
When you join Innovation Refunds, you'll be connected with a real agent who will guide you through the claim process.
No more bouncing around different people or relying on algorithms that make assumptions about your business. And once you receive your money, Innovation Refunds takes care of any potential audits at their own cost.
>> Consider Innovation Refunds >>
Methodology for the Best ERC Companies
There’s a proliferation of ERC companies emerging rapidly, but it's important to note that each operates uniquely.
Our selection process for identifying the top ERC companies, which enable you to file a claim and secure your refund, was based on the following criteria:
- Pricing: It's essential to ensure that exorbitant processing fees outweigh the Employee Retention Credit. We've diligently identified these costs to help you plan effectively.
- Bridge Loan Availability: If your business is grappling with revenue losses due to the COVID-19 pandemic, a bridge loan can serve as a lifeline until you receive the ERC funds from the government. We've sought companies that provide such loans, allowing you to manage everything internally.
- Qualifying Process: Employee retention credits are only sometimes applicable, and the qualification process varies. A straightforward qualification process can inform you upfront about your eligibility and the estimated amount you can claim. We've analyzed the time it takes for this determination so you can swiftly return to focusing on your business.
- Processing Time: While no company can expedite the IRS processing time, a quicker turnaround can ensure your documentation reaches the government promptly, theoretically leading to a faster inflow of funds. Our efforts have been dedicated to identifying companies with efficient processing times.
- Other Features: While all ERC companies can secure a refund, some go the extra mile with additional perks. We've covered these distinctive features and how to leverage them to your advantage.
>> Visit ERC Specialists & Get a Refund >>
Best ERC Companies Frequently Asked Questions (FAQs)
Curious about ERC businesses and the procedure for filing? Look no further, as this FAQ could provide the information you seek.
Are ERC Companies Legit?
The companies listed on our roster of ERC providers are reputable entities recognized for handling claims related to the Employee Retention Credit. While we cannot vouch for every other company, a few may have ulterior motives to defraud businesses of their funds.
How Much Do Companies Charge to Do ERC?
Companies typically deduct around 20% to 30% from your refund as a fee for handling and submitting your ERC paperwork.
Although this may seem substantial, it's essential to consider the time and effort required to complete the paperwork compared to the potential refund you will receive.
What Is the ERC Deadline?
Meet the April 15, 2024, deadline to apply for an Employee Retention Credit for 2020. For 2021, the filing period closes on April 15, 2025, one year later.
How Long Does It Take To Get a Refund From ERC?
As an experienced writer and editor, I specialize in transforming plagiarized content into original narratives through comprehensive text rephrasing. Currently, the IRS typically takes approximately five months to process a claim.
However, this timeframe is contingent upon all your documents being accurate during the initial submission. Fortunately, an ERC company can assist you in ensuring the accuracy of your documents from the start.
Bottom Line – Best ERC Companies
Discovering that you might be eligible for government funds to compensate for COVID-related shutdowns is refreshing. However, applying for and obtaining those funds can take time and effort.
You can rely on ERC companies to streamline the process and ensure prompt receipt of the appropriate amount. While ERC Specialists ranks first among our recommendations, any companies listed can effectively assist you.