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Icarus Fund

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ERC
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Company or group
Role
Other company
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ERC
Updated

The profile

A business-finance company that says it buys delayed Employee Retention Credit refunds for cash and wrote marketing pages aimed at businesses whose claims were filed through ADP's professional employer organization. "No one buys ERC refunds at 100 cents on the dollar," one of them said.

Identity and role

Icarus Fund offers "Fast, Flexible Capital for Small & Mid-Sized Businesses": government-contract financing, asset-based and equipment financing, term loans, working capital, tariff refunds, tax credit purchases, an "ERC Buyout," clean-energy tax credits, and an entertainment fund, Icarus Entertainment Fund LP. It says it has funded "over $900M" across "1,000+ companies"; that is the company's own figure. Its About page explains the name: "Named after the iconic figure from Greek mythology who dared to fly too close to the sun, our fund embodies the spirit of bold ambition and disruptive thinking."

Pandemic-relief role

Icarus says it buys Employee Retention Credit (ERC) refunds that the IRS has not yet paid. "Tax Credit Purchases" are pitched on its home page as a way to "Turn your unused or delayed tax credits into working capital. We purchase credits at competitive rates, giving you fast access to cash without the long wait for government processing." Its ERC Buyout page sets a floor, "The valuation of your ERC claim must be $100,000 or higher," and promises "a pre-approval decision in as little as 72 hours" with funds "deposited the same day you accept your ERC buyout offer." It puts the IRS wait at "anywhere from 12 to 18 months."

The pages aimed at ADP clients followed the IRS backlog. By ADP's account, ADP TotalSource, a certified professional employer organization, filed its clients' ERC claims on aggregate returns under its own tax numbers, and ADP told those clients in 2026 that the IRS still had about 185 PEOs' claims unprocessed. A January 2026 Icarus post, "Filed Your ERC Through ADP? Where's the Refund?", told those clients: "Filing your ERC through a PEO like ADP almost guarantees a longer wait." It offered "structured ERC buyouts—without refiling and without debt," and set out the price terms plainly: "Let's be straight—no one buys ERC refunds at 100 cents on the dollar." Pricing, it said, depends on "Time risk (how long the IRS may take)," the claim's structure, "Documentation quality" and "Audit exposure." It added that "PEO-filed claims are often attractive because the payroll data is standardized and verifiable." The same page linked to posts for clients of Vensure, another PEO.

ADP's own support page for TotalSource clients says it "does not provide an advance to clients on their tax credit funds" and "is not authorized to provide loans as we are not a licensed lending institution."

The ADP post was online in June 2026, in an Internet Archive copy. The address returned "not found" on September 30, 2026, as did a companion "ultimate guide" for ADP PEO filings.

We found no suit or government action naming Icarus Fund over the ERC. SBA's PPP loan data lists no loan to a borrower named Icarus Fund.

Sources

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