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Tag: small businesses

  • Innovation Refunds Educates Banks on Verifying Clients for Employee Retention Credit

    Innovation Refunds Educates Banks on Verifying Clients for Employee Retention Credit

    The company aims to help banks become advisors for their clients, so they can take advantage of the payroll tax credit.

    Press Release
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    Nov 21, 2022 07:00 CST


    DES MOINES, Iowa, November 21, 2022 (Newswire.com)
    –
    The Employee Retention Credit (ERC) can provide a critical payroll tax refund for businesses.  Innovation Refunds, an industry leader in turnkey tax solutions, is advising banks on how they can assist their clients in qualifying for the tax credit.

    Innovation Refunds recently attended the American Bankers Association annual convention,  providing banks with guidance on how they help their clients with ERC. Just as banks educated and connected clients with the Small Business Administration’s Paycheck Protection Program (PPP) loans, they now can play a similar role with the ERC.

    Qualifying for the ERC could make or break a business in today’s economy. With the ERC, companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they have received PPP funds. The average refund is over $400K through Innovation Refund’s bank partners. 

    Innovation Refunds, which does not charge any upfront costs when verifying businesses for ERC, has now empowered more than 60 community banks in helping their clients receive payroll refund money. The company specializes solely in ERC, which enables its team members to be experts on the most up-to-date changes in rules and regulations.

    “Banks can play a critical role by being an advisor to clients and educating them about the availability of the ERC to ensure the money gets back into the hands of small and middle-sized businesses that were impacted by the pandemic,” said Howard Makler, CEO of Innovation Refunds.

    Innovation Refunds assists banks in developing marketing campaigns around the ERC to spread awareness to banks’ small and medium-sized business clients on what they can do to apply for the ERC. This is achieved through a comprehensive strategy that includes social posts, email playbooks, direct mailers, email blasts, text messages, and other tactical channels. All of these assets are customized to each bank’s branding.

    “The ability to receive ERC funds will expire gradually by late 2024, so time is of the essence to offer this critical education,” Makler said. “Innovation Refunds wants to be the marketing engine that offers a turnkey solution to help banks send this message to their business clients and make it easy for them to spread the word.”

    The Internal Revenue Service (IRS) anticipates that 70-80% of businesses are good candidates for the ERC. Qualifying for the payroll tax refund can be a game-changer for a company that has been impacted by the pandemic, and Innovation Refunds is a valuable resource in helping them avoid leaving money on the table. 

    To partner with Innovation Refunds, email bankpartner@innovationrefunds.com. To learn more, visit www.innovationrefunds.com.

    About Innovation Refunds
    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments. Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses. To learn more, visit www.innovationrefunds.com.

    Source: Innovation Refunds

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  • How Small Businesses are Preparing Their Marketing Strategies for a Recession

    How Small Businesses are Preparing Their Marketing Strategies for a Recession

    Opinions expressed by Entrepreneur contributors are their own.

    All of the talk of a recession is forcing small business owners to hope for the best and prepare for the worst. To understand how small businesses are preparing, I contacted several marketing agencies that specialize in working with entrepreneurs to grow and scale. Preparing for a downhill period of time is like cross-country skiing. You have to be prepared to weather the storm. To help, I’ve combined their feedback with the marketing strategies we’re deploying in our company to be prepared for whatever the future may hold.

    There will not be a one-size-fits-all approach. Your approach will depend on your current situation and the level of marketing you have deployed. In the larger end of the small business market, you will have a full marketing team and various agencies supporting your business. And at the smaller end of the spectrum, you may have a single marketing manager. Evaluate each of these strategies for how they will apply to your business and right-size them for your approach.

    Related: 6 Proven Business Marketing Strategies to Grow During a Recession

    Create trigger points for shifts in marketing spend

    If there is a recession, we can expect revenues to decline. If that happens, what will happen to marketing spend? It’s best to plan these decisions ahead of time when you aren’t under the stress of the moment. Where will you decrease spend? Where will you increase spend? What metrics will you use to measure the success or failure of initiatives? What is your target cost per lead? What’s your target cost per new customer? These are all questions entrepreneurs are asking themselves and their marketing teams right now.

    We’re working on establishing baselines. It’s like building a plane while we’re flying. We’re seeing some categories like advertising and email declining since the Apple iOs15 update, and it’s hard to know when we’ll reach the floor. Meanwhile, we’re seeing others like thought leadership, influencer marketing and podcasting increasing, and we’re not sure when we’ll hit the ceiling. The key is to stay on top of the marketing mix and put in accountability to understand what is truly driving the needle we need to be moving. A rounded-out strategy will consider new account marketing, customer marketing and partner marketing for a holistic strategy.

    Invest in the brand and messaging to stay ahead of the competition

    Companies are doubling down on standing out from the crowd. Bob Gillespie, founder of Propr Digital said his clients are moving towards differentiating through powerful branding and messaging. “Brands are looking to stand out. And once they do, they want that differentiation to scale. We’re finding companies are investing in their corporate brand and message on the front end and then carrying it through all of their campaigns in order to create stronger brand awareness in a more competitive marketing environment.”

    This is something we chose to do during the pandemic. We knew the market was shifting, and we couldn’t compete on size as a small business. So, we knew we had to stand out and make every interaction count. We hired a brand agency to come in. They turned our brand on its head and came back with something that truly sets us apart in the market. Then we hired a messaging agency to come in and align our sales messaging. Now, we’re focused on making an impact and being memorable at every touchpoint.

    Related: How Small Businesses Can Survive and Thrive in a Recession

    Be strategic about advertising spend and its purpose

    If revenues decline, most companies will decrease their advertising spend. Steve Krakower from Harbor Marketing Agency says, “This will make it more challenging to scale.” He recommends you ask yourself, “How do you acquire customers more efficiently? Focus on Return on Ad spend as your one big metric, and reset expectations. Growth might be slower. The days of putting $1 into Facebook and getting $5 out are on their way out. So, what we are trying to do is focus on brand building. We’re putting out a lot of content to build a community around brands and businesses. Then we’re supplementing that brand advertising with direct response advertising. It takes more sweat equity to get results than it did five years ago, and in today’s market, brand building isn’t optional.”

    He also recommends that you “are smart about your spend. You don’t have to outpace the recession. You may not be as aggressive. You have to make sure you can weather the storm while positioning to scale after.”

    Combine forces to amplify resources

    This is not a time to go it alone. Positioning yourself as part of a “full suite” implies better value; people assume the whole is greater than the sum of its parts. Brian Taylor from Goldiata Creative says, “Align yourself with other recession-proof businesses. Look for industries that will have less of an impact during a recession like government, healthcare and consumer goods.”

    We made a strategic shift to align with specific partners in our go-to-market strategy. We realized that with a small marketing team of three, we couldn’t boil the ocean. We had to focus and take advantage of the marketing teams of our partners if we were going to make an impact. This has enabled us to align our sales teams on a joint account-based marketing strategy, leverage content marketing resources across both brands and increase the amount of lead volume sent to sales. That’s a win-win. We’re in a market where we recognized we’re stronger together. Our partners have marketing teams that are more than triple our size. Why would we try to go it alone when we could be creating joint content and running joint promotions that maximize the reach of both of our brands? We have a powerful combined story to tell, so let’s tell it.

    Related: Why You Should Never Skimp on Brand Marketing in a Recession

    Offer more social proof to increase loyalty

    In a down market, everyone’s reputation is on the line. And that means that every decision matters. Joe Dominick, partner at Gauge Media and owner of a small IT firm says, “In a down market, be prepared to offer more social proof. You want case studies and testimonials that will reassure people that the money they are about to spend won’t be regretted. It’s not about loyalty, it’s about reducing prospect fear and uncertainty. Reputation matters. And theirs is on the line as much as yours.”

    We’ve invested heavily in case studies as part of our content strategy, understanding this will become more and more useful as time goes on, regardless of whether or not there is a recession. Social proof always matters. Look at how you can tell the story of your customers, and make them the hero. Your success is their success, and the more you can put them at the center of your marketing strategy, the better. Even in industries where you can’t publish the customer’s name, you can still publish it with the type of company and industry it served and anonymize it. The idea that we can’t share our successes simply isn’t true. There’s a creative way to tell every story.

    Entrepreneurs understand that we need to be thinking ahead and start making strategic shifts to prepare for a once again, unknown future. How you handle your marketing strategy could make or break your business. It’s not uncommon for entrepreneurs to slash marketing budgets in a recession and rely solely on the sales channel. This is a strategy for failure as you need both to remain competitive. If you disappear from the market and expect people to remember who you are, you’ll be disappointed. We live in an out-of-sight, out-of-mind culture. People will forget your business. And small businesses will need to find a way to do both to stay competitive. They’ll need to be smart about it. The reality is that we won’t be able to do everything. Thinking about where to strategically focus now will help right-size the workload so you can scale up or down as needed. Every down market presents great opportunities for small businesses to grow.

    Nichole Kelly

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  • We Must Shift Outdated Mental Models In Order To Understand Bitcoin

    We Must Shift Outdated Mental Models In Order To Understand Bitcoin

    This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Rafa Cordon to talk about Ibex is building Lightning Network payments infrastructure and what he thinks the future holds for bitcoin.

    Watch This Episode On YouTube Or Rumble

    Listen To The Episode Here:

    Bitcoin Magazine

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  • 3 Problems Most Small Businesses Face and How to Avoid Them

    3 Problems Most Small Businesses Face and How to Avoid Them

    Opinions expressed by Entrepreneur contributors are their own.

    On a weekly basis, I have the opportunity to work with small business owners in a variety of ways. Unfortunately, I am often helping them to overcome a challenge that they really didn’t need to have happen in the first place. For instance, one area that far too many owners face is the inability to get working capital because they never dealt with their own poor personal credit. Another example is when I am helping a business owner get out from underneath a loan they took out from a hard-money lender.

    Both are prime examples of situations that can easily be avoided had the business owner done a better job of getting the personal credit in order. So, what issues are you facing today, that if you had prepared just a little more in the past, would simply be nonexistent?

    Here are some ideas on how to ensure that you can limit tomorrow’s challenges by taking steps today:

    Related: 7 Mistakes That Make or Break Small Businesses

    1. Credit/finance

    Small business owners will be mostly looking at the bottom line — what they brought in this month, last month and what’s expected next month. They are also thinking about much further in the future, like next year, next 3 years, next 5 years, etc. What they are not always thinking about is “What can I do now to avoid future mistakes and to make sure my business is set up for financial success in the future?”

    So, if you need to expand, are you ready? Do you have those funds readily available in the bank? Do you have a business credit card? How much can you get on a loan or line of credit? Do you have any business credit at all? If you don’t already have a business credit card/line that is open, active and paid on time, then you most likely won’t get as much as you’d like or need at the time you really need the money. The time to start building business credit is several years ago. The next best time to do this is now. Like right now.

    Here are a few ideas around finance to get you going in the right direction:

    • Savings account: Put aside 10-20% of all profits into a savings account as soon as the funds are received. This way you won’t have to pay last year’s taxes with this year’s profits.

    • Personal credit: Clean up your personal credit now because YOU are the personal guarantor of your business credit.

    • Business credit: Establish (and use) business lines of credit now, and increase them each year. This way, when you need to expand, you’ll already have the capital waiting to be used.

    • Taxes: Consider not writing off EVERYTHING. Your accountant will tell you that the less you pay in taxes the better, and I agree. However, when a business owner writes off nearly everything and pays next to nothing in taxes, they show no profit. When that happens, you can’t get funding. After all, if there is no profit, how can you pay back the money you borrowed?

    Related: The 7 Financial Habits of the Most Successful Small Business Owners

    2. Staff

    You ever get a few angry customers calling you because a job was not done correctly? Ever have prospects and/or customers write bad reviews for your company on social media? Ever get heartburn or high blood pressure because you know it could have been avoided if “that dang employee had just used their head?” This type of unneeded occurrence happens every day when employees drop the ball.

    Small business owners usually fall into two categories here: They either hire people who are exactly the same as themselves, or they hire whoever is breathing. Both are big mistakes. The problem with hiring people exactly like you is that there will be no new ideas, no fresh outside perspective — it will be the same old, same old. In other words, there will be no growth. When you hire whoever is breathing, it’s worse. You will have employees who are not engaged, who don’t care and who don’t see your company as one to stay with for the long haul. This is the employee who causes problems more often than they’ll offer solutions.

    Here are a few tips on hiring and training quality staff members:

    • Resumes: Take the time to review each and every resume that crosses your path with a fine-tooth comb. Look to see if the person leaves their job every six months or so to see if they have the ability to stay committed.

    • Cover letter: Require a cover letter. This gives you an idea of the person’s thought process and how well they can communicate, which is crucial if they are interacting with customers and/or other departments.

    • Training: Make sure you have a well-designed training and onboarding program. This goes two ways. It shows the new hire that you are professional and have high expectations, and it also demonstrates that you value them because you are providing top-notch training. The other is that it allows you to PREVENT issues with customers before they arise.

    • Reviews: Have employment that is conditional upon their 30-, 60- and 90-day reviews.

    • Skill set: Look for other skills than just industry experience. Oftentimes I have found that employees who have been in an industry for a very long time do not do well with change. People from outside the industry can often be easier to train and have an easier time learning new things.

    Related: Asking These 2 Questions Will Improve Your Hiring Process

    3. Industry change

    Okay, so you know all about the Blockbuster vs. Netflix story, right? You also know who won that battle, and of course, you know why. In fact, almost everyone knows this information, yet there are still so many business owners who refuse to update aspects of their business, even when they know they are losing business and need to make changes.

    Here are some areas in which you can easily make sure that you are handling change in a fast-paced and yet still well-thought-out manner:

    • Sending/receiving funds: How do you send and receive funds between customers and vendors? Are you still using checks or a debit card? Maybe cash? There is a tremendous amount of fraud surrounding checks and debit cards, and you take on most of the responsibility with those. And cash? Once it’s gone, it’s gone. Having and using safer and more effective methods of sending and receiving funds will make your customers happy and keep your accounts safe.

    • Staying on top of industry trends: For your business to stay profitable, it needs to stay relevant, so what changes are happening in your industry? Is there new technology? New business methods? What changes are happening with your customer base? To keep up with change, go to at least two industry trade shows each year. You’ll learn what is new, what’s old, and who is leading the way and getting the best results. Take time in the trade shows to meet people you can network with to push your company forward.

    • Advertising and marketing: Still doing coupon clippers and the local newspaper? Today, if you’re not using Facebook, Google and the rest to market your business, then you’re most likely losing to your competition on a daily basis. The companies that use Google Reviews and take it seriously, win. I can’t tell you how many people refuse to hire companies that get a score below 4.5. So, get involved in social media, and take it seriously. Don’t know how? Just hire someone.

    Pro tip: Write down the top 10 biggest challenges that you have faced and/or are facing now. Next to it, list out all solutions that you need to solve it. But now, list out what created the issues in the first place and what could have prevented it from happening in the first place. Once you see a pattern, you will be in a better position to prevent any negative experiences from happening in the future!

    John Kyle

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  • How Small Companies Can Contribute to Global Change

    How Small Companies Can Contribute to Global Change

    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses can play an important role in addressing global challenges using their unique perspectives and resources. This is because they can generate new ideas, solve problems and create new products. They can also help to bring down global greenhouse gas emissions. By doing so, they can assist in reducing the impact of climate change on the planet.

    Small businesses need to be well structured and have a clear purpose to contribute substantially to local and global economies. By understanding their industry, stakeholders, and environment, they can identify opportunities and seize chances to make a positive impact. Below are some ways small businesses can help create solutions to global challenges that will benefit everyone.

    Related: 10 Ways Small Businesses Can Give Back Without Breaking the Bank

    1. Dynamism in the marketplace

    Most small businesses can respond to shifting economic conditions and counter them quickly. This is because small businesses are typically very focused on their customers. They not only understand the community‘s requirements but also cooperate with the consumers to produce the best goods possible through customer feedback programs, which many start-ups employ.

    Because of this consumer loyalty, small businesses are more likely to survive tough economic times, which can aid in the development of local economies. Small firms may be less at risk of losing money during economic downturns since they generate less income than larger companies.

    2. Environment conservation

    One of the most talked about challenges facing the global world right now is environmental conservation, and I believe that with the emergence of small businesses, there is a likelihood that environmental conservation can be solved. Small businesses come in handy when dealing with critical environmental issues.

    For instance, local businesses tend to set up shops in pre-existing buildings. This alone will minimize the destructive behavior of digging up land for construction. Larger enterprises and organizations frequently have infrastructure created for them, resulting in less green space in society and more dangerous materials. Because tiny enterprises require just a little room, they use the available space, which is what environmental conservation is all about.

    Moreover, small businesses have a fruitful relationship with other small manufacturers regarding supply chain and logistics issues, resulting in cheaper products being produced. As a result, it will have a lesser severe environmental impact. Finally, small enterprises tend to locate their community centers in areas where it is more common to walk or ride. As a consequence, fewer customers and staff will have to drive to the establishment.

    Related: How Startups and Small Businesses Can Address Climate Change in the Workplace

    3. Community development

    Small enterprises play an essential role in the community since they contribute to local economies by stimulating development and turmoil in their neighborhood. The issue of unemployment can be addressed through the establishment of small businesses. These small businesses create a pool of skilled and semi-skilled workforce who can come up with mind-blowing ideas to solve major societal problems.

    Small businesses require limited education to start, giving the population lacking credible education an equal chance to compete with large companies in the global market. Small enterprises attract people who create new goods or adopt new solutions to old problems. Larger enterprises are also huge beneficiaries of the emergence of small businesses because they tend to outsource talent from small businesses to drive their sales.

    4. Revenue collection

    When consumers do most of their business with small enterprises, they are more likely to contribute to the community. A successful local firm makes much money, necessitating higher tax payments, including local property taxes. Local police, fire, and education systems may use this money to invest in the community. A successful small business may also increase neighborhood property values, benefiting local residents and raising property taxes for government agencies.

    For small enterprises, sales taxes are still another source of revenue. Special taxing districts that concentrate on specific initiatives like lighting and sidewalk repairs to revitalize historic commercial areas and attract new consumers might be built on the support of local companies.

    Related: 10 Ways to Make Your Business More Socially Conscious

    Ferrat Destine

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  • Innovation Refunds Helps Connect California Animal Feed Company with ERC Benefits and Relief

    Innovation Refunds Helps Connect California Animal Feed Company with ERC Benefits and Relief

    The ERC benefits helped Lomita Feed retain workers and cover costs amid the pandemic when fears of a feed shortage nearly put the industry into supply shock.

    Press Release
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    Sep 28, 2022


    DES MOINES, Iowa, September 28, 2022 (Newswire.com)
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    With help from Innovation Refunds, the industry leader in turnkey tax solutions, California-based Lomita Feed successfully obtained critical Employee Retention Credit (ERC) funding. The 101-year-old animal feed storefront used the ERC benefits to retain employees and cover expansion costs throughout the COVID-19 pandemic.

    Lomita Feed owner Bill Lockwood first heard about Innovation Refunds through a radio ad. With the pandemic in full swing, feed stores in the U.S. began experiencing the effects of the supply chain shortage. Lockwood, along with other feed store owners, urged buyers to minimize over-shopping as inventories reached critical levels across the country.

    By guiding Lockwood and his team through the ERC application process, Innovation Refunds connected Lomita Feed with critical ERC funding to expand the original storefront to include the Doc Gunner Saddlery. Named after one of Lockwood’s late horses, Gunner, the saddlery was launched in tandem with the Doc Gunner Foundation.

    Lockwood, driven by his passion for rescuing animals, expressed his gratitude for the Innovation Refunds team’s assistance during such a stressful period, saying, “Innovation Refunds made it very simple. Just had to get a few of my records together, submit that, and they made it as painless as possible. It allowed us to keep the amount of people that we needed.”

    Lockwood’s plans include helping underprivileged children learn to ride and take care of horses through the Doc Gunner Foundation, made possible by the increased profits from the expanded storefront. He also plans to dedicate a percentage of all sales to Hyperkalemic Periodic Paralysis (HYPP) research. “I believe that you take care of the people that take care of you,” added Lockwood. “The community has taken care of us. The employees have allowed that to occur. Because of that, I had a responsibility to take care of all of them as well.”

    “Our team is thrilled to hear about Lomita Feed’s expansion project and charitable efforts made possible through ERC relief,” said Howard Makler, CEO of Innovation Refunds. “Stories from mission-driven companies like Lomita Feed are great reminders as to why we are helping small and midsize businesses with their claims.”

    To learn more about Innovation Refunds’ mission to help small and midsize businesses secure funding through government relief programs, please visit www.innovationrefunds.com.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    Source: Innovation Refunds

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  • Phoenix Nursing Home Received Critical ERC Benefits With Help From Innovation Refunds

    Phoenix Nursing Home Received Critical ERC Benefits With Help From Innovation Refunds

    The benefits allowed Paradise for Parents to maintain healthy resident standards while rewarding its deserving staff amid critical supply shortages.

    Press Release
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    Sep 26, 2022


    DES MOINES, Iowa, September 26, 2022 (Newswire.com)
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    Through a key partnership with Innovation Refunds, Phoenix-based nursing home Paradise for Parents was able to secure critical ERC funding, which paid for essential facility equipment and a much-deserved employee bonus. As a turnkey tax solutions firm specializing in Employee Retention Credit (ERC) and payroll tax refunds, Innovation Refunds took care of the entire ERC application process and was able to connect Paradise for Parents with the capital they needed to maintain operations.

    When Hal Cranmer, co-owner of Paradise for Parents, first heard about Innovation Refunds through a radio advertisement, he knew he needed to take immediate action. At the time, the COVID-19 pandemic was in full swing. The spread of the virus severely impacted the U.S. supply chain, and the nursing home needed capital to cover the costs of critical supplies for residents. 

    The impact on the supply chain put substantial pressure on Cranmer and his staff. He still recalls the stress, remembering when he desperately made calls to secure enough toilet paper for 50 residents in the middle of the initial supply chain shortage.

    The facility needed additional funding to secure protective gear to prevent COVID from spreading to its residents and employees and to install technology that would allow residents to see and speak with their families, who were no longer allowed to visit due to government restrictions. The Innovation Refunds team oversaw and managed the entire ERC application process for Paradise for Parents. After conducting a cross-checking analysis, the team determined that the nursing home qualified to receive employee retention credit.

    “Hal and his team had a strong desire to keep residents and staff members safe amid the most challenging moments of the pandemic,” said Innovation Refunds CEO Howard Makler. “Once we verified Paradise for Parents’ refund eligibility, our team was motivated to accelerate the application process to supply the home with the funding they needed as fast as possible.” 

    Upon receiving the ERC benefits, Cranmer decided to dedicate a portion of the funds to support his employees directly in the form of a bonus. 

    “Several employees called me, saying they thought I paid too much,” said Cranmer. “I would tell them, ‘No, I didn’t. We got this refund because of you, so you deserve it.’ I felt it was essential to recognize and compensate our staff members who worked and persevered through such difficult times.”

    Cranmer also utilized some ERC funding to hire an immigration lawyer to help bring some of the caregivers’ families to America to reunite them during the pandemic.

    To learn more about Innovation Refunds and its Employee Retention Credit and payroll tax refund services, please visit www.innovationrefunds.com. 

    About Innovation Refunds
    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    Source: Innovation Refunds

    Source link

  • Innovation Refunds Launches Refer & Earn Program

    Innovation Refunds Launches Refer & Earn Program

    The new program is a win-win for small businesses; referring businesses can win $1,000 when referred claimants receive approval for their Employee Retention Credit (ERC) claim.

    Press Release
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    Aug 29, 2022


    DES MOINES, Iowa, August 29, 2022 (Newswire.com)
    –
    In an effort to help more businesses secure Employee Retention Credit (ERC) claim approvals, turnkey tax solutions industry leader Innovation Refunds has launched its Refer & Earn program. Through the program, Individuals can refer small and medium-sized businesses to Innovation Refunds and receive a $1,000 referral bonus for each business that has its ERC claim approved.

    The Refer & Earn program provides participating businesses with a unique referral link and a custom code that can be used for promotion on social media. Businesses can leverage the code to refer partners and friends whose businesses could benefit from the ERC program. Users also gain access to their own dashboard, where they can keep track of past referrals and claim status. 

    “The pandemic presented a litany of challenges for small businesses. As they look to bounce back in the years following 2020, it is critical for business owners to participate and take advantage of relief opportunities such as the ERC program,” said Howard Makler, CEO of Innovation Refunds. 

    In response to the COVID-19 pandemic, Congress launched the Employee Retention Credit (ERC) program under the CARES Act. The program encourages businesses to keep employees on their payroll by providing refundable tax credits that cover 50% of wages paid by an eligible employer, up to $10,000. Certain companies have qualified for payroll tax refunds of up to $26,000 per employee, even if they have received Paycheck Protection Program (PPP) funds.

    “The Refer & Earn program connects businesses in need to professionals that can provide them with the help they need,” adds Makler. “It’s an initiative in which businesses are actively helping businesses, and Innovation Refunds is proud to be at the center of it.”

    During Innovation Refunds’ soft launch of Refer & Earn, over 150 signups were recorded in the first 24 hours. To sign up or learn more about the program, please visit https://www.innovationrefunds.com for more information.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    To learn more, visit www.innovationrefunds.com. 

    Contact Information

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit

    Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit

    Benefits offered through the Employee Retention Credit can be beneficial to small and mid-size companies; however, many don’t even realize they qualify.

    Press Release
    –

    Aug 16, 2022


    DES MOINES, Iowa, August 16, 2022 (Newswire.com)
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    The COVID-19 pandemic rocked small and mid-size companies to the core, causing nationwide shutdowns for many. Innovation Refunds, an industry leader in turnkey tax solutions co-owned by over 100 banks, has continued to play a critical role in helping businesses — many of whom were unsure whether they qualify — claim more than $1 billion in refunds since March 2020 through the Employee Retention Credit (ERC).

    This payroll tax refund was created to incentivize businesses that kept employees on the payroll during the pandemic. Due to several changing regulations, many businesses are not even aware they qualify for the ERC; at the time, numerous companies received Payroll Protection Program loans (PPP), and if they received this loan, they no longer qualified for the ERC. Since then, the rule has changed, and they can now qualify even if they did receive PPP loans.

    Qualifying for the ERC could make or break a business in today’s economy. With the ERC, companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they have received PPP funds. The average refund is $400,000 per qualified business, with more than 80% of businesses qualifying.

    Innovation Refunds aims to prevent companies from leaving money on the table. For companies that qualify, Innovation Refunds has a team of seasoned Certified Public Accountants (CPAs) and tax lawyers who manage all required documentation for businesses to claim the credit and compile all required documents into a seamless, turnkey package with no upfront costs.

    “Qualifying for the ERC can be a game changer for a company that has been significantly impacted by the pandemic,” said Howard Makler, CEO of Innovation Refunds. “Our team serves as a valuable resource in helping companies take advantage of the opportunities and funds that have been provided to them through the federal government.”

    Innovation Refunds provides clients with real-time IRS status updates throughout the application process and leverages industry experience and knowledge to help businesses claim the funds provided by government programs. 

    For many small business owners that have partnered with Innovation Refunds, a significant burden has been lifted during these trying times. Through a customer testimonial, Mark Houde, owner of Carolina Sports Inc., shared, “Bringing big corporate tax refund services to those of us who normally would not have access is genius. Working with the Innovation Refunds team has been a positive experience and their dedication to customer service is impressive.”

    For businesses looking to easily determine their eligibility to claim the ERC, or to learn more about Innovation Refunds, visit www.innovationrefunds.com.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Our team is mostly comprised of “Big Five” accountants and lawyers who utilize the same methodology used for Fortune 500 companies.

    Co-owned by 100+ banks, our value is derived from our extended network of enterprise partners, financial institutions, cutting-edge technology resources, and trusted advisors.

    To learn more, visit www.innovationrefunds.com. 

    Media Contact

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Innovation Refunds Emerges as Industry Leader With Turnkey Solutions That Result in Tax Credits and Refunds

    Innovation Refunds Emerges as Industry Leader With Turnkey Solutions That Result in Tax Credits and Refunds

    The team of CPAs has helped 10,000 businesses claim over $1 billion in refunds.

    Press Release
    –

    Jul 26, 2022


    WEST DES MOINES, Iowa, July 26, 2022 (Newswire.com)
    –
    Backed by BankTech Ventures and co-owned by over 100 banks, Innovation Refunds has emerged as an industry leader, specializing in the Employee Retention Credit (ERC) and payroll tax refunds. In just one year, the Innovation Refunds team has helped over 10,000 businesses claim over $1 billion in refunds since the CARES Act was signed into law in March 2020.

    Since the beginning of the COVID-19 pandemic, Congress has issued a variety of programs to assist American businesses. Among them is The Employee Retention Credit (ERC) under the CARES Act. According to the Internal Revenue Service (IRS), “The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.”

    Companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they’ve received Paycheck Protection Program (PPP) funds. The average refund is $400,000 per qualified business and over 80% of businesses qualify.

    Innovation Refunds was launched to help prevent companies from leaving money on the table. For companies that qualify, Innovation Refunds has a team of seasoned Certified Public Accountants (CPAs) and tax lawyers who manage all required documentation for businesses to claim the credit, and compile all required documents into a seamless, turnkey package with no upfront costs. 

    “Even through the worst of it, many businesses were unaware of the benefits available to them,” said Howard Makler, CEO of Innovation Refunds. “In today’s economy, these amounts could very well make or break a business. Organizations must leverage the expertise of tax professionals like ourselves to ensure they take advantage of the opportunities afforded to them by the Federal Government.” 

    Innovation Refunds’ value is derived from its extended network of enterprise partners, financial institutions, cutting-edge technology, expansive resources, and trusted advisors. The team provides its clients with real-time IRS status updates throughout the application process, leveraging industry experience and knowledge to help businesses claim the funds provided by government programs.

    For businesses looking to easily determine their eligibility to claim the Employee Retention Credit, or to learn more about Innovation Refunds, visit https://www.innovationrefunds.com.

    About Innovation Refunds
    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Our team is mostly comprised of “Big Five” accountants and lawyers who utilize the same methodology used for Fortune 500 companies.

    Co-owned by 100+ banks, our value is derived from our extended network of enterprise partners, financial institutions, cutting-edge technology resources, and trusted advisors.

    Media Contact

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Student Loan Debt Significantly Lowers the Ability to Start a Business, Says American Financial Benefits Center

    Student Loan Debt Significantly Lowers the Ability to Start a Business, Says American Financial Benefits Center

    Press Release
    –


    updated: Nov 26, 2018


    Emeryville, CA, November 26, 2018 (Newswire.com)
    –
    ​​Starting a business can be an arduous task for the average person, but for someone carrying student loan debt, it may feel impossible. A borrower with $30,000 in student loans is 11 percent less likely to start a business than someone who was able to graduate debt free, according to Karthik Krishnan, an associate professor of finance at Northeastern University. The average graduate from the class of 2017 walked away with $37,172 in debt — and that extra $7,000 is certain to reduce the chances of entrepreneurship even further. American Financial Benefits Center (AFBC), a document preparation company, believes that entrepreneurship is important for an economy to flourish and shouldn’t be held back by student loan debt.

    “Starting a business takes time, resources, and money,” said Sara Molina, Manager at AFBC. “If someone is working two jobs to pay off debt, they have no time. Their resources are already limited by their debt. And most likely most of their money is going to their debt and the necessities.”

    Starting a business takes time, resources, and money. If someone is working two jobs to pay off debt, they have no time. Their resources are already limited by their debt.

    Sara Molina, Manager at AFBC

    Borrowers who are working on paying off their loans may not have the capital to invest in a business and may have a significantly harder time getting a business loan from a financial institution. With half of small businesses failing by their fifth year, many would-be entrepreneurs with debt may be less likely to take on the risk of a new business, as well. Small business owners are the ones hit particularly hard by student loan debt, according to a study by researchers at the Federal Reserve Bank of Philadelphia and Pennsylvania State. While that may make the problem sound less significant, it’s actually an important distinction; small businesses are one of the top sources of employment in the United States, not to mention most business start-ups tend to start small. Researchers found that the number of small businesses with one to four employees dropped 14 percent between 2000 and 2010 and warn that this trend of fewer small business startups could have an extensive impact on the economy as a whole.

    Student loan borrowers who are interested in starting their own business, but who don’t feel they have the ability to do so, may benefit from applying for an income-driven repayment plan (IDR). An IDR takes into account a borrower’s family size and discretionary income and can potentially offer significantly lower monthly payments. After 20 to 25 years of qualifying payments, the debt may end in the forgiveness of any remaining federal student debt.

    “Small businesses are so important for the local economy,” said Molina. “Their impact creates a ripple effect into the national economy. It’s essential that people who have the drive to start a business are able to get their dream off the ground. We truly believe IDRs can offer entrepreneurs some much-needed assistance.”

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center

    1900 Powell Street #600

    Emeryville, CA 94608

    1-800-488-1490

    info@afbcenter.com

    Source: American Financial Benefits Center

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