Employee Retention Credit under the CARES Act |
3 Months Ended |
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Jun. 25, 2022 | |
Employee Retention Credit Under the CARES Act [Abstract] | |
Employee Retention Credit under the CARES Act |
Note 7. Employee Retention Credit under the CARES Act In August 2021, the Company applied for the Employee Retention Credit (“ERC”) for a total amount of $233,000. This ERC is a fully refundable tax credit for employers equal to 50 percent of qualified wages that eligible employers pay their employees. This ERC applies to qualified wages paid after March 12, 2020 and before January 1, 2021. In January 2022, the Company applied for another ERC for a total amount of $321,000. This ERC is a fully refundable tax credit for employers equal to 70 percent of qualified wages that eligible employers pay their employees. This ERC applies to qualified wages paid after December 2020 and before January 1, 2022. Currently, we are unable to provide an estimate as to whether and when we will receive these ERC funds as the Company's applications are pending Internal Revenue Service processing and approval. |
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- Definition Employee retention credit under the CARES act. No definition available.
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- Definition The entire disclosure for loan designed to provide funds for small businesses to keep their employees on the payroll. No definition available.
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