NEW YORK, NY / ACCESSWIRE / May 22, 2023 / Canna Business Resources, a leading provider of innovative financial solutions for the cannabis industry, offers Employee Retention Credit (ERC) bridge loans to provide quick access to capital for established cannabis businesses seeking short-term financing for projects such as inventory expansion. The ERC, established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is a refundable tax credit against certain employment taxes equal to 50% of up to $10,000 in qualified wages.
This means businesses can potentially receive up to $26,000 per employee for wages paid between March 12, 2020, and Jan. 1, 2021. Although the program ended in 2021, most businesses have until 2024 or 2025 to claim the credit by filing an amended return.
To qualify for an ERC bridge loan through Canna Business Resources, businesses must follow several steps, including determining eligibility, gathering necessary documents, submitting a loan application, reviewing and signing the loan agreement, and receiving funds.
Following these steps can help cannabis companies secure financing quickly and efficiently.
ERC bridge financing from Canna Business Resources provides much-needed capital for businesses in the cannabis industry, which often face stigma and restrictions that limit access to traditional financing options. By securing an ERC credit, businesses can cover operational expenses, invest in their products or services, and expand into new markets. This increased access to capital supports business growth and development.
In addition to covering operational expenses, ERC loans from Canna Business Resources can also be used for equipment financing, real estate purchases, the acquisition of foreclosed assets, real estate improvements, and seasonal inventory purchases. This type of financing allows businesses to access funds while they wait for their amended tax returns to be processed, which can take between 5-10 months according to the IRS.
Canna Business Resources has a successful track record of providing ERC bridge loans to cannabis businesses. One success story involves a boutique dispensary in California that secured a short-term, non-dilutive bridge loan within 24 hours, enabling them to complete a $2 million equity raise without giving away equity or putting up assets. Canna Business Resources continues to support the company, having provided three separate bridge transactions to date.
For more information on ERC bridge loans from Canna Business Resources and how they can help your cannabis business grow, please contact Canna Business Resources.
About Canna Business Resources: Canna Business Resources is a leading provider of innovative financial solutions for cannabis businesses. Through ERC bridge loans and other tailored financing options, Canna Business Resources helps businesses in the cannabis industry access the capital they need to thrive and expand.
Canna Business Resources
SOURCE: Canna Business Resources
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