IRS Processing 400,000 Pandemic-Era Business Credit Claims, Eligible Filings Valued at $10 Billion

The agency is allowing businesses that filed false claims to voluntarily disclose it and resolve the matter.

IRS Commissioner Daniel Werfel testifies before the House Ways and Means Committee on Capitol Hill on Feb. 15, 2024. Chip Somodevilla/Getty Images

The IRS is accelerating work on processing a pandemic-era credit program for businesses while weeding out ineligible claims.

Approximately 400,000 Employee Retention Credit (ERC) applications are being analyzed, which includes both “eligible and ineligible claims, with the vast majority in this tranche being processed for approval,” the agency said in an Oct. 10 statement. “The total value of eligible claims represents about $10 billion. Checks are being mailed for eligible claims with refunds, with more planned in the weeks and months ahead.”