GOVERNMENT ASSISTANCE

12 Months Ended

Dec. 31, 2024

GOVERNMENT ASSISTANCE

GOVERNMENT ASSISTANCE

24. GOVERNMENT ASSISTANCE

Employee Retention Credit

The Coronavirus Aid, Relief and Economic Security Act provided an Employee Retention Credit (the “ERC”), which was a refundable tax credit related to certain payroll taxes. The Company applied the grant model and determined that the criteria for recognition of the ERC was met during the year ended December 31, 2023

based on the Company’s determination of eligibility and filing of the ERC claim. As of December 31, 2024 and 2023, the $2.9 million ERC receivable is reported within prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. The credit was reported within other income, net in the Company’s Statement of Operations for the year ended December 31, 2023.

Subsequent to December 31, 2024 the Company received $2.6 million in ERC payments from the IRS consisting of $2.3 million of claims related to fiscal year 2021 and accrued interest of $0.3 million. The Company is expecting to receive payment for the remaining ERC claim periods in 2025.