As of September 14th, 2023, the IRS has recently announced a moratorium on new ERC applications and added additional compliance reviews. These changes will affect both new and existing applications, and potentially extend processing times.
What This Means For You and Your Pending Application:
- There's still time: With this pause, you have more time to complete your application. If and when the moratorium is lifted, there could be a surge in submissions. We can take the time now to make sure your application is accurate and ready for submission.
- Preparedness: By completing your application now, we can have everything ready to go, ensuring quicker submission as soon as the moratorium is lifted.
- Compliance is Key: With stricter compliance checks in place, you want to be thorough in your application. This makes working with an experienced expert like Ready Capital even more important. Our experience in the small business lending space has allowed us to assist our clients in navigating this important financial opportunity. This allows our clients to avoid the types of ERC processing companies that the IRS warns consumers to be cautious of.
For more information, you can read the full IRS announcement here.
People's Bank and Ready Capital are committed to helping your business succeed. We strongly recommend that you finalize your ERC application with us as soon as possible. If you have any questions or concerns, please contact us immediately at 855-219-4529 so that we can assist you. It's our goal to ensure that your application is ready for submission as soon as the IRS lifts its moratorium.