Coronavirus Aid, Relief and Economic Security Act

3 Months Ended

Mar. 31, 2023

Coronavirus Aid, Relief and Economic Security Act [Abstract]

Coronavirus Aid, Relief and Economic Security Act

Note 4 - Coronavirus Aid, Relief and Economic Security Act

Employee Retention Credits (ERC)

Employee retention tax credits, made available under the CARES Act, allow eligible employers to claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees, initially from March 27, 2020 until June 30, 2021, and extended through September 30, 2021. In 2021, we applied for $5.0 million in refunds from the Internal Revenue Service with filing of our 941s and achieved $2.2 million in credits from unremitted payroll taxes as allowed. We recorded other income of $7.2 million related to the employee retention tax credits earned for the year ended December 31, 2021. As of March 31, 2023, we received cumulative employee retention tax credit refunds totaling $4.9 million of the $5.0 million in refunds sought, with remaining outstanding refunds receivable of $0.1 million which was included in the other current assets balance at March 31, 2023.