DENVER — The Colorado Restaurant Association, the leading trade organization representing the state’s dynamic foodservice industry, has partnered with Adesso Capital to offer Centennial State restaurant businesses assistance in expediting federal pandemic-relief funds, which can be used for operating capital, payroll, inventory, or other expenses.
The assistance includes filing 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.
“I talk with local restaurant owners and operators every day, hearing regularly about their operational struggles due to mounting inflation and the aftermath of the pandemic, which is why I am so pleased that we have partnered with Adesso Capital to provide our members with the tools and resources they need to claim this tax credit and ensure their businesses survive,” says Sonia Riggs, President and CEO of the Colorado Restaurant Association. “With small businesses struggling to stay afloat during these challenging times, it is crucial that these tax credits be made available so that they can continue to provide jobs, boost the state economy, and support their communities.”
“I feel for the business owners who have weathered COVID-19 restrictions and kept their doors open; they’re truly the champions of the American Dream and we should all ensure they have every tool possible to keep going,” said Damon Maletta, founder of Adesso Capital. “We at Adesso feel it’s our job to help businesses take advantage of the ERC, especially because there are no restrictions on how the funds are used, giving power back to the people who know how to use these funds the best. It’s a passion of mine, and I still get excited every time we get that ‘Approved!’ notice for a new client.”
Together, the Colorado Restaurant Association and Adesso have helped Colorado small-business owners receive over $14 Million in ERC refunds, infusing the local economy with vital resources that reduce unemployment and create new opportunities for community growth. Adesso’s clients average a return of $150,000 per business.
Colorado small business owners can learn more at adessocapital.com/cora. Restaurants and other foodservice businesses interested in joining the Colorado Restaurant Association can find more details at corestaurant.org/membership.
About the Colorado Restaurant Association
The Colorado Restaurant Association (CRA) is dedicated to the enhancement and success of Colorado’s foodservice industry. Founded in 1933, the CRA is the leading trade organization for the state’s dynamic restaurant community. The CRA represents, educates, and promotes a $18-plus billion industry comprising more than 12,700 eating and drinking establishments and 285,000 employees. To learn more, visit corestaurant.org.
About Adesso Capital
With over $1 billion secured, Adesso Capital helps US-based businesses secure the critical funds they need to thrive. Thousands of business owners across the country have trusted Adesso to help fund their dreams with government relief programs or financing options like term loans, lines of credit, and SBA loans.