Business
Snakes & Lattes Inc. To Receive Approx. $500,000 USD In Credits From The ERC Program – Paves The Way For Further & More Aggressive Expansion & Working Capital
Snakes & Lattes Inc. To Receive Approx. $500,000 USD In Credits From The ERC Program – Paves The Way For Further & More Aggressive Expansion & Working Capital.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Snakes & Lattes Inc. (OTC: FUNN) is pleased to update shareholders that the Company expects to receive close to $500,000 USD in credits from the ERC (Employee Retention Tax Credit) program shortly as a result of an ERC review and categorical Company changes that occurred throughout the process.As with most large government programs, sometimes and unintentionally, when first setup it can be a bit of a complicated hurdle for Companies to work their way through. However, through significant process reviews, the Company discovered that it qualified for large tax credits due to the aggregate status of the Company as a whole vs all the individual Snakes & Lattes locations individually.The program contained a number of challenges for Companies even if they would qualify, with an additional problem being that the government was receiving a number of unscrupulous applications on behalf of certain Companies due to the nature of the program’s incentives. This led to the approval times being dramatically slowed down across the board. In a large part, this was due to the fact that there were many individuals posing as ‘consultants’ asking for fees up front to ‘help’ facilitate small businesses through the process. Some of these so-called overnight ‘consultants’ would have their fees based on a percentage of the refund amount and were therefore pressuring Companies to get started quickly due to application deadlines without even fully understanding the Companies tax situation first or without care to what repercussions could arise from improper applications.Restaurants in particular had some of the most complexities involved in their applications since many had received PPP loans where calculations were based on employee per pay period and were messy due to the 2020-2021 pandemic era. Depending on area, not all locations were mandated government closed equally, furthering complicating the application process for Companies.The ERC was enacted for small businesses (less than 100 employees) which had different regulations for each year 2020 and 2021. In fact, Companies were considered one at the time thereby leaving many not to be eligible in 2021.When we initially reviewed, we found individual locations were not eligible by themselves, e.g.:Our Snakes & Lattes ‘Tempe’ location couldn't show a 20% decrease in revenue for 2021 an...