Business Owners are Using Payroll Financing to Pay IRS or State Business Taxes
It’s getting close to that time of year again, April=tax filings and often it does catch many business owners by surprise when they need lending because their Accountant calls them and says, “you had a great year in 2012 and now you owe some money”.
If you have a good business and you have been around for 3 years or more, companies are using Financing Solutions (www.payrollfinancingsolutions.com ) for short term funding in cases when your business has to make a tax payment causing you to potentially not have enough money for payroll. It usually is an issue when a business is a seasonal business where letting go staff is a major issue for when business begins to heat up again or when a business has a lot of money tied up in receivables.
Financing Solutions has been open to providing a $5,000 to $100,000 financing to normally profitable businesses so the owners can still make payroll as well as their tax payments, as long as the business can prove that the business is normally profitable.
Many of Financing Solutions clients borrow the short term lending and pay it off as soon as a major influx of money comes in or other business owners continue to make a daily small payment for 26 weeks to pay off the money. It is a good use of capital if the money is paid off early because unlike other alternative financing companies, PFS does not charge a penalty for early payment. Plus, the interest a business pays to PFS is minimal compared to the problem the lending solves.
Unlike a bank loan, PFS can make a very quick decision about providing the money and the funding requires very little paperwork so the owner can continue to focus on his/her business. If the business is considering factoring, or is already factoring, PFS is still an excellent alternative.
Financing Solutions (www.payrollfinancingsolutions.com) provides fast business lending of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.