Was your business affected by COVID-19?
We have great news!
If you answered yes, you may be eligible for a Payroll Tax Refund through the Employee Retention Credit (ERC) from the IRS. If approved, you could receive up to $26,000 per employee!*
Get Your Refund Estimate in Five Simple Steps!
Step 1: Open an TBT Business Checking account.
Already have a TBT business checking account? Skip to Step 2.
Step 2: Qualify by filling out the application.
Step 3: Upload supporting documents to Innovation Refund's portal.
Step 4: Get your docs reviewed by their specialized CPAs.
Step 5: Check your projected refund amount.
What is the Employee Retention Credit (ERC)?
ERC is a payroll tax refund born out of the same COVID relief bill as PPP which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited on their ability to claim either PPP or ERC, but not both. In early 2021, the rules changed and now your business can claim ERC even if you received PPP funds.
How is ERC different from PPP?
PPP was a forgivable loan. ERC returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury, no further action is required on your part.
How is the refund calculated?
Determining the proper amount that you are entitled to is a complex accounting process that requires an expert analogous to an orthopedic surgeon or cardiologist. One of the reasons that we partnered with Innovation Refunds is that their expert CPAs and Tax Attorneys determine exactly how much money your business is eligible to receive. Helping businesses to properly unlock these government incentives is Innovation Refunds' specialty.
Is there a cost?
For Texas Bank and Trust customers, there is no upfront cost to determine if your business qualifies, and if so, to receive what amount of money. Innovation Refunds, on average, invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to move forward, Innovation Refunds shares in a percentage of the money that you actually receive from the government.
How much time do I have?
Time is of the essence. We all know that government funded programs are subject to change. As of today, you can obtain these funds but for how long remains uncertain. PPP, Restaurant Revitalization, and other funds ran out without notice. Don't delay; be sure to claim your spot in line and receive funds rightfully owed to you.
How do I open a Texas Bank and Trust Business account?
We offer several options for you to open a Texas Bank and Trust business account.
Visit one of our TBT locations today!
Texas Bank and Trust has partnered with Innovation Refunds, an expert FinTech provider, to help you unlock more government incentives and substantial cash refunds! Our preliminary analysis indicates that you likely qualify for up to $26,000* per eligible employee on your payroll with the Employee Retention Credit.
*All applicants are subject to Tax Evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval. Texas Bank and Trust is not providing tax advice; refer any tax related questions to a licensed tax professional. Texas Bank and Trust is not affiliated with Innovation Refunds and has no involvement in the approval process. Texas Bank and Trust makes no representation or warranty as to the quality, accuracy, or reliability of Innovation Refunds website or this service in general.