IRVINE, Calif., Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to August reporting—and corroborated by taxpayers reporting 10–12-month delays for receiving their money—the IRS currently has a backlog of more than 200K Employee Retention Credit (ERC) refunds waiting to be processed. To contend with this challenge, Omega Accounting Solutions has launched a new division, Omega Funding Solutions (OFS), a third-party lender offering short-term bridge loans to those organizations anticipating ERC refunds. Whether borrowers are current Omega Accounting Solutions’ ERC clients, have not yet filed for the ERC or have filed with other processors, OFS can help. The new group assists small and mid-sized businesses in 47 states, to get the cash they need to fund working capital, purchase new equipment or expand their businesses.
“The IRS is facing an acute crisis due to the convergence of slow ERC refund claims processing, outdated equipment and staffing challenges leaving businesses in need of a financial solution,” said Jay Woods, founder and president of Omega Accounting Solutions. “The delays mean that some business owners and nonprofits have had to take funds out of their own pockets while they wait months for their pandemic relief funds. Setbacks like this equate to real costs for business owners. Rather than waiting on the IRS for an indefinite amount of time, Omega Funding Solutions helps get urgent funds into the hands of employers to cover day-to-day expenses and obligations.”
OFS bridge loans are fast, flexible and equitable. Businesses that meet OFS qualifications are eligible for short-term loans at up to 65% loan-to-value based on the anticipated ERC refund amount, with no minimum or maximum loan amount or upfront fees. Repayment begins after your loan clears, ending with a balloon payment once your ERC refund arrives. Financing is usually approved in one day, with closing in just three days. OFS serves typical borrowers and under-resourced clients including low credit, the self-employed and corporations/LLCs.
For further information, visit omegafundingsolutions.com or call (949) 348-2433.
ABOUT THE EMPLOYEE RETENTION CREDIT (ERC)
The Employee Retention Credit (ERC) is a government tax incentive passed during the pandemic as part of the CARES Act. This powerful, refundable tax credit for small and mid-sized businesses rewards employers who may have overpaid on payroll taxes during 2020 or 2021. Eligible employers may receive up to $26,000 per employee. Visit Omega Accounting Solutions for more information.
ABOUT OMEGA ACCOUNTING
Omega Accounting Solutions is an accounting and data firm that empowers small businesses to make informed business decisions through the production of accurate and timely books that yield honest, insightful, actionable reports. The Irvine, Calif., firm founded by Jay Woods works with CFOs, controllers, accountants and software developers to collect, integrate, analyze and present essential data that allow for healthy corporate operation and growth. In 2016, Omega launched a Business Intelligence Division to provide firms with customized programs, KPIs and continuously refreshed dashboards that allow them to connect data silos and take advantage of real-time opportunities in the marketplace. The company launched its government tax credit category in 2020. For further information, visit omega-acounting.com
MEDIA CONTACT:
Sabrina Suarez
714-573-0899 x227
sabrina@echomediateam.com
