GOVERNMENT ASSISTANCE

3 Months Ended

Mar. 31, 2025

GOVERNMENT ASSISTANCE

GOVERNMENT ASSISTANCE

23.     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 March 31, 2025 and December 31, 2024 and, the $0.6 million and $2.9 million ERC receivable is reported within prepaid expenses and other current assets on the Company’s consolidated balance sheets, respectively.

During the period ended March 31, 2025 the Company received $2.6 million in ERC payments from the Internal Revenue Service consisting of $2.3 million of claims related to fiscal year 2021 and interest of $0.3 million.

Subsequent to the period ended March 31, 2025, the Company received the remaining balance of the ERC receivable of $0.6 million.