SACRAMENTO, Calif., April 20, 2023– The California Hotel & Lodging Association, which represents the state’s 6,000 hotels and their 238,000 employees, is partnering with Adesso Capital to assist lodging owners with expediting federal relief funds for operating capital, payroll, inventory, or other expenses.
With this partnership, California hotels can work with Adesso to file for the Employee Retention Credit (ERC), a tax credit available to businesses that suffered reduced operating capacities or loss of revenue from COVID-19 restrictions. The credit stems from payroll taxes paid in previous years and offers up to $26,000 back per W-2 employee.
Applications for ERC benefits pertaining to payroll paid from March 2020 through December 2020 must be sent in no later than April 15, 2024. For payroll paid January 2021 through September 2021, applicants have until April 15, 2025, to file.
“So many of CHLA’s members are small, family-owned businesses that will benefit with access to Adesso Capital’s tools and resources that they may need to claim this tax credit and ensure their hotel continues to recover from the economic impact of the global pandemic,” said Lynn S. Mohrfeld, CHLA’s President and CEO.
“Our knowledge of how ERC benefits are administered and how California hotels engaged with the program will be a significant relief for CHLA members as we streamline their credit process,” said Damon Maletta, founder of Adesso Capital.
Already, Adesso Capital has helped CHLA members receive more than $9 million in refunds, infusing numerous hotels with vital resources that reduce unemployment and create new opportunities for their recovery from the impact of COVID-19 related shutdowns. Adesso’s clients average a return of $150,000 per business.
CHLA members can learn more at adessocapital.com/chla.