CHLA Partners with Adesso Capital to Expedite Relief Funds for Hotels
Assistance includes tax credits, accessing funds for owners, operators.
SACRAMENTO, Calif., April 19, 2023 /PRNewswire/ — The California Hotel & Lodging Association, which represents the state’s 6,000 hotels and their 238,000 employees, is partnering with Adesso Capital to assist lodging owners with expediting federal relief funds for operating capital, payroll, inventory, or other expenses.
With this partnership, California hotels can work with Adesso to file 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.
“So many of CHLA’s members are small, family-owned businesses that will benefit with access to Adesso Capital’s tools and resources that they may need to claim this tax credit and ensure their hotel continues to recover from the economic impact of the global pandemic,” said Lynn S. Mohrfeld, CHLA’s President and CEO.
“Our knowledge of how ERC benefits are administered and how California hotels engaged with the program will be a significant relief for CHLA members as we streamline their credit process,” said Damon Maletta, founder of Adesso Capital.
Already, Adesso Capital has helped CHLA members receive more than $9 million in refunds, infusing numerous hotels with vital resources that reduce unemployment and create new opportunities for their recovery from the impact of COVID-19 related shutdowns. Adesso’s clients average a return of $150,000 per business.
CHLA members can learn more at adessocapital.com/chla.
About the California Hotel & Lodging Association
CHLA is the leading resource and advocate for California’s more than 6,000 hotels, motels, and boutique inns and their more than 238,000 employees. Established in 1893, CHLA is the largest state lodging association in the nation and is a strong partner with the American Hotel & Lodging Association. To learn more, go to calodging.com.
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. To learn more, visit adessocapital.com.