Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE RETENTION CREDITS

v3.24.2.u1
EMPLOYEE RETENTION CREDITS
6 Months Ended
Jun. 30, 2024
Employee Retention Credits  
EMPLOYEE RETENTION CREDITS

NOTE 9 - EMPLOYEE RETENTION CREDITS

 

The Consolidated Appropriations Act, passed in December 2021, expanded the employee retention credit (“ERC”) program through December 2021. The credits cover 70% of qualified wages, plus the cost to continue providing health benefits to our employees, subject to a $7 cap per employee per quarter. Due to revenue declines we experienced, we qualified for approximately $2,000 of ERC during the year ended December 31, 2021. The Company presented as ERC receivable in the accompanying balance sheets the amount of $2,000 as of December 31, 2023. In May 2024, the Company received $2,000 of the ERC receivable.