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Business Insights

The Difference Between ERC Fast Track and ERC Advance

NEWITY offers two different ERC programs: ERC Fast Track and ERC Advance. Learn more about each offering and which may be the right fit for you. 

ERC Fast Track vs. ERC Advance Differences

ERC Fast Track

ERC Advance

ERC Fast Track is NEWITY’s filing and fast funding option for businesses who have not yet filed for ERC. The Fast Track program is an all-encompassing offering – helping businesses determine their eligibility, through revenue decline or shutdown metrics, file for the credit, and receive cash for their refund in as little as five days after filing with the IRS.  

The cost to file for ERC and receive your refund in days through ERC Fast Track is 20% of your ERC claim. 

ERC Advance is NEWITY’s fast funding option for businesses who already filed for ERC. This program primarily supports businesses that filed for ERC through other ERC processors, but do not want to wait for the IRS to send their refund check. The Advance program allows businesses to receive cash for their refund in as little as five days after approval, which can take from 1-2 weeks. 

The cost to receive cash for your ERC refund in days through ERC Advance is 15% of your ERC claim. 

ERC Fast Track & ERC Advance Similarities

Both ERC Advance and ERC Fast Track programs – 

  1. Are open to any U.S. business

  2. Deliver capital to qualifying small businesses quickly

  3. Use one simple online application, available in NEWITY’s Smart Portal

  4. Provide free eligibility review; there’s no cost to determine if you qualify 

  5. Enable NEWITY to quickly fund your ERC by purchasing your ERC claim, which eliminates any credit impact or monthly interest payments 

How To Apply

We are no longer accepting ERC applications. We’re happy to help you access affordable funding through an SBA 7(a) loan. 

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To qualify for an SBA 7(a) small business loan, your business must be:

  1. U.S.-based and operated
  2. Owner supported / owner funded
  3. Eligible per the SBA’s requirements

Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business