Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.
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Your business loan may be denied for reasons including low credit score, not enough revenue, lack of collateral, or an incomplete loan application. Your lender should provide written notice as to why your loan was denied. However, you can also reach out to the lender directly to learn more about why you weren’t approved.
While the ERC program does have a few similarities to grant programs, there is not an actual ERC grant. Instead, the ERC is a refundable tax credit available to eligible small businesses that kept employees on payroll throughout 2020 and 2021.
A bank small business loan is a loan that a business owner receives from a bank. This can be a traditional loan that provides a lump sum of cash, or a more flexible option like a business line of credit. Bank loans typically offer low rates and long repayment terms but may be more difficult to qualify for than other types of business funding.
Small business owners that navigate the complex and lengthy Small Business Administration loan process are rewarded with low-cost, long-term business funding. Now that the hard part is over, it’s not uncommon to have questions about what comes next, like repaying your loan.
Small Business Administration (SBA) loans are popular with business owners due to their competitive rates and favorable terms. However, these low-interest loans are only available to businesses that meet stringent requirements. Unfortunately, this means that some small businesses will have their SBA loans denied and will need to seek alternative options or apply again in the future.
If you’re looking for an online bank with strong rewards, LendingClub should be in the running. LendingClub offers competitive rewards checking features with both APY and cashback earning potential, and while the high-yield savings rate is a bit lower than those of competitors like Live Oak Bank or Mercury, there’s no minimum or maximum balance limit for APY earnings.
It can be harder for startups to qualify for business loans since many lenders want to that a business is profitable before they lend it money. One way to get around this Catch-22 is to use personal loans to finance the early stages of a business.
To qualify for ERC in 2020, businesses must have paid qualified wages to employees from March 13, 2020, through December 31, 2020. To qualify for ERC in 2021, businesses must have paid qualified wages to employees during the period of January 1, 2021, through September 30, 2021.
You may qualify for an ERC loan if you have a valid and verifiable ERC claim filed with the IRS. In most cases, lenders will not look at factors like personal credit score or business revenue, but this varies based on the company you opt to work with.
ERC Pros offers compliance-focused ERC processing for businesses of all sizes. The experienced team of tax and legal experts, a simple refund process, an overall positive public reputation, and a free analysis to determine eligibility are benefits you’ll find with ERC Pros.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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