Partnership between the Texas Restaurant Association and Adesso Capital continues to benefit Texas’ foodservice industry through Employee Retention Credits (ERC)
AUSTIN, Texas, Sept. 6, 2023 /PRNewswire/ — The Texas Restaurant Association (TRA), the business trade association for Texas’ $95 billion foodservice industry, continues its partnership with Adesso Capital to offer their members assistance in expediting federal relief funds which can be used for operating capital, payroll, inventory, or other expenses. With 30% of businesses not taking advantage of the ERC benefits, a new website portal makes it even easier for restaurants to explore benefits: adessocapital.com/tra.
Together, since 2022, the TRA and Adesso have helped Texas small business owners receive over $40 Million in refunds, infusing the local economy with vital resources that create opportunities for community growth. The services provided by Adesso Capital include a pre-qualification process, filing of all the required paperwork, and follow-up until businesses receive their ERC funds.
“Adesso Capital and TRA have come together to help small businesses across Texas claim the tax credits they’re entitled to, and need to keep their business afloat in these challenging economic times.” Says Emily Williams Knight, Ed.D., President & CEO of the Texas Restaurant Association. “We’re grateful for the support of the Adesso Capital team and for their partnership in creating a portal which will ensure a seamless application process for those restaurants who still need to file.
The Employee Retention Credit (ERC) is 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. Any business with less than 500 employees meeting these conditions may be eligible for up to $26,000 back per W-2 employee, regardless of other COVID-19 related aid they may have received.
“I feel for the business owners who have weathered COVID-19 restrictions yet managed to keep 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. The average Adesso client in Texas averages a return of $300,000 per business.”
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 an amended return. The new ERC portal tool makes beginning the process even easier for a small business owner while retaining the white glove concierge-style service for which Adesso is so well known.
“Using Adesso Capital for the ERC Credit was awesome! Our part was getting all the documents together that they needed.” said Anthony and Shane Duncan, father and son restaurant operators in El Paso, Texas. “Once we got them everything they needed, they had our credit calculated within a week. They found us much more money than we thought we would get, and their percentage fee is very fair for the amount of money they got for us. Adesso kept in touch with us throughout the process. We definitely recommend using Adesso Capital for your ERC Credit.”
All Texas small business owners can learn more at adessocapital.com/tra. Restaurants and other food service businesses interested in joining the TRA can find more details at https://txrestaurant.org/join
About Texas Restaurant Association
Formed in 1937, the Texas Restaurant Association (TRA) serves as the advocate and indispensable resource for the foodservice industry in Texas. As a leading business association, the TRA represents the state’s $95 billion restaurant industry, which comprises upwards of 55,000 locations and a workforce of 1.4 million employees. Along with the Texas Restaurant Foundation, the workforce development arm of the TRA, the association proudly continues to protect, advance, and educate a growing industry. For more information, please visit www.txrestaurant.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.
SOURCE Adesso Capital
Originally published at https://www.prnewswire.com/news-releases/40-million-in-tax-credits-returned-to-texas-restaurants-301914731.html
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