Annual report [Section 13 and 15(d), not S-K Item 405]

EMPLOYEE RETENTION CREDITS

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EMPLOYEE RETENTION CREDITS
12 Months Ended
Dec. 31, 2024
Employee Retention Credits  
EMPLOYEE RETENTION CREDITS

NOTE 12 - 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 2021. As of December 31, 2023, the ERC receivable was $2,000. In May 2024, the Company received the $2,000 ERC receivable.