Commercial Finance Partners announces the expansion of the Employee Retention Funding Program that started in late 2021. Commercial Finance has facilitated financing for over $30,000,000 of credits to date and is now expanding the program to improve upon previously constrained size limitations and underwriting timelines. The latest changes to the program are:
- Increased size limits to $4,000,000
- Reduced Underwriting time to an average of 10-14 days
- Simplified intercreditor tied to the ERC receivable
“The uncertainty at the IRS has created a larger demand that we have been working on filling for the last year since launching our program.” “We have ramped up with our capital providers to create a more efficient flow of information, underwriting times, and funding timelines”- commented Darren Palestine, Managing Partners. “Since many of these businesses are still recovering from 2020/2021, pulling forward the credit is allowing them to take advantage of the capital now versus waiting an unspecified time period from the IRS.”
The Employee Retention Credit, or ERC, is a stimulus program that was released with the CARES Act in March 2020. A business is eligible for this tax credit or tax rebate program based on either a decline in revenue or business interruption, amongst other qualifications. This cash credit was intended to incentivize businesses to retain and continue paying their employees through the COVID-19 pandemic.