November 7, 2022 — 3 minute read
Omega Now Offers ERC Bridge Loans to Businesses Needing Immediate Cash Flow
The Omega team is excited to announce the official launch of its new ERC advance loan service. Omega Funding Solutions (OFS) brings small business lending to companies that claimed the Employee Retention Credit, but cannot afford to wait up to a year for their ERC refund money. OFS helps small and mid-sized businesses cover day-to-day expenses while they await their tax refund. Existing clients, businesses that have not yet claimed their credit, and companies that filed with other processors are all eligible for an ERC bridge loan from OFS.
What Is an ERC Advance Loan?
ERC advance loans provide an immediate cash infusion to companies that qualify for the Employee Retention Credit, but cannot afford to wait through long IRS ERC processing times. The IRS takes about six to nine months to process a claim, and many companies wait up to a year for their refund check to arrive. Most businesses are still contending with a weak economy left over by the pandemic, and some need help covering extra expenses while awaiting their ERC credit money. OFS provides ERC advance payments to help bridge this gap, providing borrowers with up to 65% LTV of their expected tax refund amount. Clients can keep their business running strong by using the ERC bridge loan to cover any expenses, compensate employees, pay debts, or invest in new products.
What Is Omega Funding Solutions?
Omega Funding Solutions (OFS) is an experienced commercial business lender that provides fast bridge loans for businesses that qualify for the Employee Retention Credit. OFS is a new division of the long-standing accounting-consulting firm Omega Accounting Solutions. The new service allows small and medium-sized businesses to borrow advance funds against their anticipated ERC refund. OFS provides an immediate cash infusion to help your business get back to doing what it does best.
How Do ERC Bridge Loans Work?
Omega Funding Solutions provides bridge loans to ERC claimers, using only the anticipated payroll tax refund as collateral. Almost any business with a valid claim is eligible to borrow from OFS. First, we collect your company’s information and examine your ERC claim. Then, it takes about three to ten business days to process your loan. Once approved, borrowers begin making monthly interest-only payments, ending with a balloon payment once their ERC money arrives.
What Is the ERC Timeline for Receiving Advance Payment?
If you already have an ERC claim processed by Omega Accounting Solutions, financing is usually approved immediately, with loan closing in as little as three days. Funds will reach your account in as little as 10 days.
If you have not yet claimed the ERC or filed it with a different processor, you can reach loan approval in as little as 10 days. We will process your claim or review your existing ERC qualifications and you will receive your advance funds in about 30 days.
Why Borrow From OFS?
Omega Funding Solutions works closely with your team to ensure you truly meet all ERC qualifications, conducting a due diligence check to provide you with audit protection. OFS small business bridge loans are fast, flexible, and equitable, with no upfront fees. OFS serves typical borrowers and under-resourced clients including low credit, the self-employed, and corporations/LLCs.
How Do I Get an ERC Advance?
If you believe your company qualifies for the Employee Retention Credit, Omega Accounting Solutions can provide a free, 10-minute consultation to determine if you qualify. Once approved, Omega Funding Solutions can provide immediate funds with an ERC advance loan to help your business thrive. If your business already has a valid claim, you can likely qualify with OFS — even if you used another ERC processor. Contact Omega Funding Solutions and enjoy your ERC advance payment in as little as 10 days!