Cape Is Open, But Timing Risk Remains

Why Importers Are Still Selling Tariff Claims

Buy Rate of Claims has Increased To 85% - 90%

Convert Your Tariff Claim To Immediate Cash

Asset Enhancement Solutions, LLC (“AES”), a national business loan advisory firm, continues to assist companies nationwide in converting IEEPA tariff refund claims into immediate cash, even after the launch of U.S. Customs and Border Protection’s(“CBP”) CAPE refund portal and the latest April 28th update from the U.S. Court of International Trade (“CIT”).

CIT’s April 28th status review confirmed that the lead IEEPA refund litigation has largely moved from the legal entitlement phase into the implementation and payment phase. In simple terms, the question is no longer primarily whether many importers are entitled to refunds, the issue is when those refunds will actually be paid.

While CBP officially launched CAPE on April 20th to process refunds, there was no new court order requiring immediate payment of all claims. Instead, the CIT is supervising execution, while Customs works through claim submissions, liquidation status, eligibility reviews, and administrative processing.

This distinction matters. CBP has indicated that certain accepted claims may be paid within approximately 45–60 days plus statutory interest. However, “acceptance” is not the same as submission. Importers must first complete filing requirements, resolve broker authority issues, verify liquidation status, satisfy procedural review, and clear compliance review before the payment clock truly begins.

For many importers, especially those with older entries, previously liquidated claims, multiple brokers, documentation issues, or claims that may fall outside CAPE Phase 1, the actual recovery timeline could extend for many months or significantly longer. As a result, our buyers remain highly active in purchasing IEEPA tariff refund claims, with starting at from $250,000+ at a Buy Rate of 90%.

Why importers are still selling tariff refund claims after Cape opened

Judge Eaton of CIT did not order immediate universal payment of all claims
CBP’s estimated payment window begins only after formal claim acceptance, not submission
Many claims do not clearly qualify for CAPE Phase 1 and may require later phases
Finally liquidated entries remain one of the largest unresolved issues
Previously liquidated entries may still require protests, reliquidation, or additional litigation
The right to a refund is clearer—but the timing of payment remains uncertain
CSV upload issues, ACE access problems, and broker mismatches can delay acceptance
Documentation gaps and reconciliation issues remain common
Customs audit and compliance review may delay payment even after filing
Trump Administration appeal deadlines and future legal developments could delay the timing of refund payments
Processing millions of entries may create substantial administrative backlogs
Port-by-port inconsistencies may slow recovery for certain importers
Working capital needs often cannot wait for government processing timelines

Why Importers are Choosing to Monetize Now

Immediate working capital for inventory, payroll, and vendor obligations
Reduced lender pressure and improved borrowing base flexibility
Elimination of refund timing risk and litigation uncertainty
Improved balance sheet certainty
Faster access to liquidity without waiting for government disbursement
Stronger buyer pricing now that CAPE implementation is underway as Buy Rates increased from 45% in February to 90% today

For many businesses, immediate liquidity today is worth more than waiting for a larger payment later. Many importers are no longer asking. “Will I get paid?”, They are asking, “Is waiting worth the delay, uncertainty, and operational risk?”. For many companies, the answer is no.

AES works with importers with claims starting at $250,000, with no maximum limit. Since entering this market, AES has facilitated the sale of over $20 million in tariff claim refunds across industries including food, seasonal goods, apparel, and home products.

Most transactions can be completed in approximately 10 business days, assuming proper documentation and credit quality.

For more information on how this process works see below.

How the Process of Selling an IEEPA Tariff Claim Works

Model is:

As an example, Company X has paid ($10 Million) in tariffs since April 7, 2025.
Company X wants to de-risk prior to determination and finalization of the IEEPA tariff Refund Process.
Company X sells (50%, 100%, or some other percentage) of its tariff ‘claim’ to Buyer A in the form of a participation.
The Trade is nonrecourse to Company X as to the outcome of the Refund Process; but recourse to Company X only if the amount / validity of the claim is proven to be false, or too high.

Process for Selling IEEPA Tariff Claims:

As an example, Company X has paid ($10 Million) in tariffs since April 7, 2025.
Company X agrees to “sell” its tariff claim to Buyer for 90% of the claim amount, i.e. $9 million.
Buyer sends Seller a Confirm, and then ultimately a Claim Sale and Purchase Agreement which will govern the transaction.
IMPORTANT – Company X retains its status as the “Plaintiff” / “Claimant” since these tariff claims are not transferable.
Buyer might ask Company X to commence litigation for the return of the IEEPA tariffs paid. The rationale for this is that it is possible that only those parties who have commenced actual litigation are entitled to refunds. Thus, Company X will need to commence litigation in order to receive their refund.
Buyer will continue to monitor the situation and inform Company X of developments.
If and when the refund is received on the claim, Company X will receive the refund and forward to the Buyer.

Using an IEEPA Tariff Claim as Collateral for a Loan

In lieu of selling an IEEPA Tariff Claim at a discount, it is possible to use this claim as collateral for a term loan. This term loan would be on a “recourse: basis to the borrower. As the minimum loan amount for a Fund to consider is $10 million, the claim must be at least $20 million or higher to collateralize a loan of this amount.
The potential loan amount could be up to approximately 50% plus of the total IEEPA claim amount.
The interest rate would be in the low to mid-teens and be “PIK” (Payment in Kind) whereby the interest is added to the loan balance on a monthly basis in lieu of cash payments.

Important Points Regarding the Sale of a Tariff Claim

Company X (as seller of the Claim) must be a financially healthy enough counterparty for Buyer A to enter into what could be a 2-to-5-year process of obtaining the refund.
Legal fees are split going forward based on risk percentage. If Company X sells 100% today, Buyer A will pay 100% of legal costs today. If Company sells 50% today, Company and Buyer will share the legal costs equally.
Buyers are currently paying up to 90% to companies seeking to sell their IEEPA tariff claims. However, this is an evolving market and these percentages can either increase or decrease depending on the markets’ reaction to the Trump Administration’s expected obstructionism and the unresolved Court of International Trade’s procedural issues.
Prior to the Supreme Court decision, buyers were purchasing tariff claims at an average of 22% due to the high risks involved.
We will be monitoring on a daily basis the rates at which Buyers are purchasing IEEPA claims and we will update our website accordingly. Feel free to email us to ascertain what the rate is on any particular day.
There would likely be an administrative process instituted such that companies that have paid these IEEPA tariffs will need to file special claims and wait to get refunded by the government. The process of receiving the refund payment from the government could take up to 2 to 5 years.
Asset Enhancement Solutions, LLC also assisted many businesses expedite funding of their ERC (Employee Retention Tax Credit) within 6 to 8 weeks instead of waiting 12 to 36 months to receive funds from the IRS. AES facilitated the sale of $50 million of ERC claims over the past few years with individual claims ranging from $1 million to $7 million.

About Asset Enhancement Solutions, LLC

Asset Enhancement Solutions, LLC ("AES"), is a financial advisory firm that provides both Capital Raising and Consulting Services to companies considering important transactions such as debt or equity financing, selling a company or acquiring a company. We specialize in arranging debt and equity financing for companies with challenges. These include unfavorable challenges such as operational, legal, tax, financial or liquidity issues or positive challenges such as opportunities for growth, acquisition, and long-term success. AES works with middle market companies, small businesses, and public companies.

We never shy away from adversity and difficult challenges; we embrace and thrive on it. We have the experience and expertise needed to find options and creative financial solutions for any size business. The firm was founded on the principle of experienced operating executives providing valued-added services to clients at a reasonable fee structure.

AES added the processing of PPP Loans to its services in April 2020. As an Agent for multiple PPP lenders, AES processed over 1,500 Paycheck Protection Program (PPP) loans totaling $150,000,000.

Seeing that some businesses were waiting 12 months or longer to receive their ERC Refunds from the IRS, in March of 2022 AES teamed up with a few lenders and hedge funds that would either advance funds against ERC Refund Claims or purchase ERC Claims at a discount. This financing solution proved to be a lifeline for many companies. AES monetized ERC Claims totaling $50 million.

Please reach out to us to discuss how we can help you overcome your challenges and grow your business.

We are here to help. Do not hesitate to contact us at any time:

Phone: 516-767-0100
After Business Hours please leave a voice message and your message will be forwarded to us 24/7.
Email: info@assetenhancement.com

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