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EMPLOYEE RETENTION CREDITS
12 Months Ended
Dec. 31, 2023
Employee Retention Credits  
EMPLOYEE RETENTION CREDITS

Note 18. EMPLOYEE RETENTION CREDITS

 

Congress passed programs to provide financial assistance to companies during the COVID-19 pandemic, including the employee retention credit (ERC). The ERC provides eligible employers with credits per employee based on qualified wages and health insurance benefits paid. In December 2022, the Company filed application for Employee Retention Credits with the Internal Revenue Service. The company is reasonably assured the eligibility is met. The total amount eligible is $930,000. The amount was recorded in other current assets in consolidated balance sheet and other income in statement of operation in 2022. As of December 31, 2023, the Company received the payment in full eligible amount.