What rates, terms, LTV, etc are you seeing for factoring/lending on ERC deals?
@Michael Slabitcher @John Lapata anyone else?
top of page
To test this feature, visit your live site.
Edited:Â Jan 23, 2023
ERC going rates, terms?
ERC going rates, terms?
5 answers0 replies
Like
5 Comments
bottom of page
TVT:
ERTC Bridge overview Up to 60% LTV on submitted ERTC claims 22-35% 12 month deals interest only - sometimes for full term sometimes for half the term - depends on the credit At Submission: • 3 months business bank statements (main operating account) • Merchant application • Most recent tax returns & 2022 YTD P&L • Form 941 • Form 941-X • Employee ERC calculation breakdown per quarter associated with the corresponding filed 941-X form • Proof of eligibility (eligibility criteria)
*If you can not provide the ERC calculation break down the client can only be approved for tiered amortized weekly payment structure* (Require driver id of owners over 20% as well) Fees: 4 % origination
Commission 4% - 5%.
https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs
I have a guy that charges 15% when funded or 10% when paid at submission.
You can mention my name if you contact him...
There are no fees required until we have your packet ready to be sent to the IRS which takes a week to three after receiving all of your documents. Again, The fee is 10% if you pay at time of approval or 15% if we all wait until the IRS sends the check.
Items needed include:
Average number of 30 hour plus a week employees in 2020 & 2021.
Dates you received PPP and how long it took to be discharged
Information on EIDL and any other stimulus money you many have received
Payroll for the last 3 quarters of 2020 and first 3 quarters of 2021
941s for the last 3 quarters of 2020 and the first 3 of 2021.
FYI: Different ways businesses can qualify which we will go through when we do the survey.
Revenue reduction - 50% drop in 2020 and/or 20% in 2021 quarterlys compared to the same quarter in 2019. As per our conversation you do not qualify based on revenue reduction.
Supply Chain Issues - Businesses qualify even if revenue increased. Based on our conversation you'll qualify for all 6 available quarters.
Full or Partial Government mandated shut downs - if you were mandated to shutdown in any of the 6 eligible quarters.
Reduction in hours, Reduction in capacity, Inability to access equipment, Travel Restrictions, Reduction in services offered, are other ways to qualify.
New businesses that opened after 2/15/2020
Businesses that were sold but still own the EIN can qualify.
Larry Goldstein
​602-989-4200
​Steve Benjamin
Professional Business Loans
Irvine, CA 92620
SteveProBiz@gmail.com
https:/probizloans.net/ 949-228-1050