That means that your refund will arrive at your bank three weeks after the IRS accepts your tax return. The 941 forms filed electronically had an IRS processing time of one month. Original forms 941 filed on paper are generally processed within 3 to 4 months. If your Form 941 request that you originally filed hasn't been reimbursed, it's time to contact the IRS or ask a professional to review Form 941 for potential errors in your request.
Brief background: If you haven't looked at the employee retention credit (ERC), you may be eligible for a payroll tax credit that has resulted in significant refunds. Despite the bad news about the repayment deadline, employers who qualify for the ERC should continue to consider filing a modified payroll tax return to apply for the benefit. You will usually receive a letter from the IRS stating that you have overpaid your account. They'll confirm that the forms have been received and if they're being processed, but not much else.
If you did not apply for the ERC on your original Form 941, you will need to file the amended Form 941. The report is extensive, but highlights some of the main issues that have affected ERC processing time from the start. While the IRS has made progress in recent years in terms of online tracking and access to information for taxpayers, those systems do not provide any information on the processing time of ERC refund requests in amended payroll tax returns. Legislative changes allowed many employers to retroactively request ERC on amended payroll tax returns, which must be filed on paper and processed by hand by specially trained IRS personnel. While one of the objectives of the ERC was to provide funding to compensate for employee-related costs (and, therefore, maintaining jobs), the inevitable staff shortfall (such as the one suffered by the SBA as a result of the Paycheck Protection Program) means that, sadly, employers will not receive the funds until long after the crisis has abated.