GOVERNMENT ASSISTANCE PROGRAM

12 Months Ended

Dec. 31, 2023

Government Assistance [Abstract]

GOVERNMENT ASSISTANCE PROGRAM

GOVERNMENT ASSISTANCE PROGRAM

The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The tax credit is equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through December 31, 2020. Additional relief provisions were passed by the United States government, which extend and slightly expand the qualified wage caps on these credits through December 31, 2021. Based on these additional provisions, the tax credit is now equal to 70% of qualified wages paid to employees during a quarter, and the limit on qualified wages per employee has been increased to $10,000 of qualified wages per quarter. The Company qualifies for the tax credit under the CARES Act. During the fiscal year ended December 31, 2022, the Company recorded and received $7.4 million related to the CARES Employee Retention Credit in other income on the Company’s Consolidated Statements of Operations.