The Employee Retention Credit (ERC) program was introduced as part of the CARES Act to provide financial relief to businesses affected by the COVID-19 pandemic. It offered a refundable tax credit to encourage businesses to retain their employees during the pandemic.
The ERC was created to support businesses that retained employees during COVID-19 and was available to employers facing revenue decline or government shutdowns in 2020 and 2021.
As part of NEWITY’s mission to help small businesses access funding, NEWITY helped determine small business owners’ eligibility and calculated their maximum refund. NEWITY streamlined the application process to help owners quickly understand their maximum ERC refund.
If owners appeared to be eligible, the NEWITY team performed an in-depth analysis to ensure the business qualified for ERC. Beyond confirming eligibility, NEWITY performed the calculation, created, and sent owners their tax form known as a Form 941-X, and submitted the form to the IRS on their behalf. In September 2024, NEWITY stopped providing access to the ERC program.
The program has not officially ended. Businesses can still file ERC claims for 2021 tax credits until April 2025, unless new legislation changes these deadlines. Although the Tax Relief for American Families and Workers Act aims to halt the program by January 31, 2024, it has not yet passed.
NEWITY no longer provides access to ERC.
If you have applied for ERC through NEWITY and have questions regarding the status of your ERC filing, please reach out to your NEWITY representative.
With the IRS’ ERC processing moratorium delays, many business owners are still waiting for their ERC refund checks. If you’re looking to fund new projects while waiting for your ERC refund, it may be wise to explore alternative funding options.
The SBA 7(a) loan is a great option. It offers competitive interest rates and can be used for a wide variety of business purposes.
Today, NEWITY helps small businesses access SBA 7(a) loans between $17,500 – $500,000. With no impact on your credit, small business owners can prequalify for an SBA loan in under 10 minutes. These same applicants are likely to receive funding 3x faster than the national average through NEWITY.
Contact a NEWITY customer service team member or click here to learn more about how an SBA 7(a) Loan can support your small business in its next phase of growth.
With the IRS’ ERC processing moratorium delays, many business owners are still waiting for their ERC refund checks. If you’re looking to fund new projects while waiting for your ERC refund, it may be wise to explore alternative funding options.
The SBA 7(a) loan is a great option. It offers competitive interest rates and can be used for a wide variety of business purposes.
Today, NEWITY helps small businesses access SBA 7(a) loans between $17,500 – $500,000. With no impact on your credit, small business owners can prequalify for an SBA loan in under 10 minutes. These same applicants are likely to receive funding 3x faster than the national average through NEWITY.
Contact a NEWITY customer service team member or click here to learn more about how an SBA 7(a) Loan can support your small business in its next phase of growth.
NEWITY LLC and its affiliates are not lenders participating in SBA’s 7(a) loan program. NEWITY LLC is a lender service provider for Northeast Bank, a lender participant in SBA’s 7(a) loan program. SBA 7(a) loans are ultimately processed and approved by a lender participant in SBA’s 7(a) loan program.
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Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business
