“What was surprising and is still surprising to me are all the people/groups I speak with that haven’t taken the time to look at it (ERC)and see if their business qualifies”
How a boutique hotel chain claimed the Employee Retention Credit with Leyton for financial recovery from COVID-19.
COVID-19 had a devastating impact on the hospitality industry and hoteliers are among the hardest hit. Lark Hotels had to close all of their operations with no reopening in sight. Did you have a full or partial shutdown, or experience a decline in revenue due to COVID-19? If you answered yes, chances are you qualify for the Employee Retention Credit (“ERC”).
The Employee Retention Credit, under the CARES Act, is a relief measure for businesses which encourages them to keep employees on their payroll. It is a refundable credit that offsets employment taxes and has been one of the
most beneficial tax credits available to hotels that have
been financially impacted by COVID-19
$26,000 Per Employee
Under the Employee Retention Credit, you can receive up to $26k per employee. Lark had 70 employees during the peak season of summer & 40 employees on staff during the down period of winter. Several of the properties Lark Hotels represents were eligible and the credits ranged from modest to significant financial impact.
Expansion & Financial Recovery
With money from the ERC on the way, Lark Hotels had the confidence and financial support to come back better than ever. Peter shared, “when Covid first hit our industry back in late February of 2020 we were comprised of 26 hotels in 7 states, we are now 42 hotels in 10 states.”
How We Made It Happen
Peter highlights his experience with Leyton as “knowledgeable, articulate, well versed and timely in their communication and follow up – I’d work with the Leyton team again and certainly would recommend them to prospective clients who are contemplating a group to work with on their ERC’s.”
“It was simple because I worked with Leyton”
Claim the Employee Retention Credit
Was your business affected by government shutdowns? Did you lose money due to the impact of the COVID-19 pandemic? It’s not too late to claim the Employee Retention Tax Credit.
Contact our ERC experts
Please fill the form below