Notice: As of the first quarter of the calendar year 2024, Raistone will be phasing out its Employee Retention Credit payment advance solution, as the Internal Revenue Service also winds down the program. If you have any questions, reach out to a Raistone representative.
A new solution for your customers
What is an ERC?
The Employee Retention Credit (ERC) is a payroll tax refund made available by the government (IRS) to small and medium enterprises for their efforts to keep employees on payroll during the pandemic. Employers may claim up to $26,000 per employee, and the average ERC is over $550,000.
An ERC is a reimbursement owed to your customers by the government — but they must apply for it, and wait up to a year to get paid.
How does Raistone help?
The IRS is currently taking 6 months on average to pay the ERC employers. Raistone can review eligibility for your customers and advance payment of their ERC, allowing your bank to expand its product offerings, increase your customer satisfaction and earn incremental revenue.
How can my customers qualify?
The IRS estimates that 70-80% of Employers are qualified to receive an ERC (Forbes.com), but less than 8% of eligible companies have claimed the ERC. Raistone and its network of trusted tax specialists can help your customer determine if they qualify, and how much they can claim.
How long will this program be available?
Your customers have up to three years to amend prior payroll tax filings and claim the ERC, providing an opportunity through Q3 2024.
How do I get started?
Fill out the form above or email us at email@example.com to get started with our team of financial experts.