Case Study: Archetype Consulting Group Helps Saltblock Hospitality Collect $372,459 in Employee Retention Tax Credit

Problem

Saltblock Hospitality is a catering company in Tampa Bay, Florida struggling to stay afloat during the COVID-19 pandemic. The business was forced to close several event spaces, including their wedding venue which had all scheduled weddings canceled in 2020. Their business and operations were completely shut down for several months and were unable to bring in any revenue. As a result, the owner, Ryan Conigliaro, was facing the difficult decision of laying off his employees or closing his business altogether.

Solution

Conigliaro learned about the Employee Retention Tax Credit (ERC) through a friend and decided to apply for it. However, he quickly realized that the application process was complex and time-consuming. He also needed to gain the expertise or resources to complete the application on his own.

Conigliaro reached out to Archetype Consulting Group for help. Archetype is a boutique advisory firm that specializes in helping businesses access unconventional receivables. The firm’s team of experts has extensive experience in the legal and finance industries and is well-versed in the ERC application process.

Results

Archetype quickly and efficiently completed the ERC application for Saltblock Hospitality. The firm also helped Conigliaro navigate the complex tax code and ensure that he was eligible for the total amount of the credit.

As a result of Archetype’s assistance, Saltblock Hospitality was able to collect $372,459 in ERC funds. This money was used to keep the business afloat during the pandemic and to help Conigliaro rehire his employees.

Testimonial

“2020 was a rough year for our business and I’m so grateful Archetype reached out to us with this opportunity because I had no idea this tax credit existed,” said Conigliaro. “Archetype CG was able to streamline our application process so we applied for the credit with the IRS as fast as possible. My company qualified for a large 6-digit number which will help the business recover from the loss revenue during covid. The money could not have come at a better time for us.”

Conclusion

Archetype Consulting Group is a valuable resource for businesses struggling to access unconventional receivables, such as the ERC. The firm’s team of experts has the experience and expertise to help companies to navigate the complex tax code and ensure that they are eligible for the full amount of the credit. If you are a business owner facing financial challenges, I encourage you to contact Archetype Consulting Group for help.

Here are some additional details about the ERC that may be helpful to businesses:

• The ERC is a tax credit that was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help businesses keep their employees on payroll during the COVID-19 pandemic.
• The credit is equal to 50% of the wages paid to employees who were kept on payroll during the covered period.
• The covered period is the period from March 13, 2020, to December 31, 2020.
• Businesses can claim the ERC on their 2020 federal income tax return.
• The ERC is a valuable resource for businesses that are struggling to stay afloat during the COVID-19 pandemic. If you are a business owner who is considering claiming the ERC, I encourage you to reach out to Archetype Consulting Group for help.