The Employee Retention Credit (ERC) is a refundable tax credit available to businesses in different fields—including financial services institutions—affected by the global pandemic. Granted under the CARES Act, the tax credit is paid for by the Internal Revenue Service (IRS).

While many financial institutions have claimed this credit, others have not. Many institutions are eligible for ERC and need the funds, but remain unaware of the program or have been unable to apply.

ERC Assist is a unique service customized for the financial services industry. It helps banks, credit unions, funds and asset managers evaluate their eligibility for ERC; if they qualify, it helps them prepare the materials needed to support an ERC claim. ERC Assist works with nationally recognized tax advisory firms that specialize in this area.

Our ERC Range Estimator gives an approximate range of the refund for banks with less than 500 employees in Q1 2021.