Payroll Tax Refund
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What would your business do with over $400k?

That’s the average payroll tax refund amount Innovation Refund clients have received.

If your business kept employees on payroll during the pandemic, it may qualify for up to $26k per employee through the Employee Tax Credit (ERC). The ERC is a refundable tax credit created out of the CARES Act to help SMBs.

Fusion Bank has partnered with Innovation Refunds, an expert FinTech provider, to help you unlock more government incentives and substantial cash refunds! Your business may very likely qualify for up to $26,000 per eligible employee on your payroll with the Employee Retention Credit.*

Frequently Asked Questions

What is the Employee Retention Credit (ERC)?

ERC is a payroll tax refund created out of the same COVID relief bill as PPP which incentivized businesses who kept employees on payroll during the pandemic.  Originally, companies were limited in 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 is not a loan at all.  ERC returns payroll taxes you’ve already paid, back to you.  Once you receive the funds no further action is required on your part.


How do you know if you qualify?

By partnering with Fusion Bank you’re already prequalified.  Digging deeper, the rules provide two different ways to qualify based on Covid impacts.  In 2020 and/or 2021 did your  business experience either: (a) limitations of commerce, travel, or group meetings, or (b) a significant decline in revenue?  If you answered yes to one of these, your business qualifies.*


How is the refund calculated?

Determining the proper amount that you’re entitled to is a complex accounting process that requires an expert analogous to an Orthopedic Surgeon.  One of the reasons we chose IR is their expert CPA’s and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive.  Unlocking these government incentives for businesses like yours is Innovation Refunds’ specialty.


Is there a cost?

For Fusion Bank customers, there is zero upfront cost to determine your qualification status and to estimate your refund.  On average , IR 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 claim your funds, IR simply shares in a percentage of the money you actually receive from the government.


Ready to claim your refund?

The period to apply for the ERC is scheduled to end.  The longer you wait, the less your refund will be.

*Fusion Bank’s website contains links or references to other websites. Fusion Bank does not endorse, approve, certify, or control those external sites and does not guarantee the accuracy, completeness, efficacy, timeliness, or accurate sequencing of the information contained on them.

All applicants are subject to Tax Evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval. Fusion Bank is not providing tax advice; refer any tax related questions to a licensed tax professional.

Fusion Bank is not affiliated with Innovation Refunds and has no involvement in the approval process. Fusion Bank makes no representation or warranty as to the quality, accuracy, or reliability of Innovation Refunds website or this service in general.

Fusion Bank may receive compensation for referrals made through approved channels. Your decision whether or not to utilize Innovation Refunds to obtain the described credit will have no impact on any rates or fees charged or paid to you by Fusion Bank.