Can my finance company claim the ERC?

Finance companies in almost every state likely qualify for the ERC due to government shutdown orders. Even if revenue did not decline, your finance business may have experienced partially suspended operations due to a government mandate, and it may still qualify under limited commerce. Learn more about eligibility requirements at What is ERC.

What is limited commerce?

Limited commerce refers to a partial suspension of business operations due to a government order. A partial suspension has occurred if: • More than a nominal portion of business operations was suspended OR • A government order significantly affected operations During the calendar quarter in 2019, if your business experienced either of the below criteria, it may qualify for partially suspended operations: • Gross receipts from the suspended portion aren’t less than 10% of the total gross receipts OR • Employee hours spent on the suspended portion aren’t less than 10% of total employee hours performed

Can my finance company qualify under limited commerce?

Using your written testimony about how COVID affected your business, our independent tax attorneys and professionals will determine if your business can file under limited commerce. Your finance company may qualify for limited commerce due to: Supply chain disruptions The pandemic disrupted global supply chains, which impacted some finance sectors through reduced access to financing and increased costs for materials. Increased digital expenses With physical branches closed, customers turned to digital banking services, leading to increased demand for digital payment solutions, automation, and online financial advice.

Where can I learn more about limited commerce?

The Consolidated Appropriations Act resulted in the IRS releasing Notice 2021-49, which outlines limited commerce. Please visit the IRS website for more information or work with one of our independent tax attorneys and professionals.

The ERC for the finance industry

Finance companies may qualify for a substantial payroll tax refund through the Employee Retention Credit (ERC), even if they received PPP loans.

Determine Eligibility

From liquidity challenges to widespread economic hardship, the finance industry had to fight through the pandemic.

How we've helped thousands of eligible businesses, including those in finance, file for the ERC.

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Qualifying them for government shutdown orders

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Determining eligibility under limited commerce

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Outlining COVID’s impact beyond reduced revenue

With the ERC, qualifying companies may receive a refund to help improve marketing efforts, drive sustainable growth, and recover lost resources.

What our finance customers are saying

Innovation Refunds was really great to work with. They communicated the ERTC process step by step with expected timelines and next steps. I would not have chosen to take on the application for the ERTC without help, and Innovation Refunds was definitely a good choice.

Lynn Rogers
Archibald Enterprises

Great experience overall! Zach and Chelsea helped me through the whole process step by step to make sure all documents were collected and accounted for. If there were any issues they would get solved immediately. I was surprised at how easy it was. Thanks again!

Sean Bell
Yorkshire Wealth Management

Outstanding group. Very efficient, effective, and professional. They were able to help us recover the refunds due our company much sooner than we anticipated. The entire process took about 5 months from the date we applied to getting the actual refund checks delivered to our office.

Michael Horstmann
Agency of Credit Control

Our team of independent tax attorneys and professionals works for you, with no upfront fee

Our independent tax attorneys and professionals have extensive knowledge of ERC qualifications and IRS tax code to help eligible finance companies claim their refund.

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