Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE RETENTION CREDITS

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EMPLOYEE RETENTION CREDITS
3 Months Ended
Mar. 31, 2022
Employee Retention Credits  
EMPLOYEE RETENTION CREDITS

NOTE 9 - EMPLOYEE RETENTION CREDITS

 

The Consolidated Appropriations Act, passed in December 2020, 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. During the year ended December 31, 2021, the Company qualified for approximately $2,000 of ERC. As of March 31, 2022 and December 31, 2021, the balance of $2,000 is presented as employee retention credit receivable in the accompanying condensed balance sheets.