Commercial Finance Partners launched employee retention credit (ERC) funding and qualification programs and has already processed applications for more than $50 million in credits.
Originally passed as part of the CARES Act, the ERC program has been expanded to offer enhanced benefits to small business owners. As part of its own program, Commercial Finance Partners is facilitating the prefunding of these credits, as the IRS has indicated expected delays in processing of these payments. Commercial Finance Partners service includes qualification, calculation, analysis and prefunding of eligible credits to help get funds to small business owners who are waiting on this possible lifeline from the IRS.
“The employee retention credit program we have launched will help expand our reach to new clients and partnerships,” Darren Palestine, managing partner of Commercial Finance Partners, said. “We’ve already established a number of bank and alternative lending partnerships to help their clients access funding quickly and we believe it’s a win-win for both the client and the current lender. Using our background as a factor and through our consulting division, we believe we’ve established a leading program amongst other options for businesses to consider as they seek to maximize [this] government assistance program.”
