Coronavirus Aid, Relief and Economic Security Act

12 Months Ended

Dec. 31, 2023

Coronavirus Aid, Relief and Economic Security Act [Abstract]

Coronavirus Aid, Relief and Economic Security Act

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. During the years ended December 31, 2023 and 2022, the Company received cash refunds related to the employee retention credits in the amounts of $1.0 million and $3.0 million, respectively. As of December 31, 2023, there is no remaining refunds owed.