They were negatively impacted during Covid-19 and during 2021 their gross receipts declined more than 20% compared to the same quarter in the prior year.
We performed an Employee Retention Credit Service on wages paid to full time employees after March 12th, 2020 to see if there were any employee wages which qualified for the employee retention credit. We were careful to take into consideration any Payroll Protection Program loans and forgiveness during the period as these wages would not qualify.
We were very satisfied to help secure a check from NY state for a refund in the amount of $129,237 for our client.
Unfortunately, they were negatively impacted by Covid-19 resulting in 20% lost revenue in 2020 and more than 50% in 2021.
We performed an Employee Retention Credit Service on wages paid to full-time employees after March 12, 2020, to see if there were any employee wages that qualified for the employee retention credit and took into consideration any Payroll Protection Program loans or forgiveness during the period as these wages were not eligible.
Our client was happy to receive a check from NY state for a refund in the amount of $112,568.87.
Determined to help our client, we performed an Employee Retention Credit Service on wages paid to full time employees during Q3 2021 to see if there were any employee wages which qualified for the employee retention credit. It was important that we take into consideration any Payroll Protection Program loans and/or forgiveness during the period as these wages would not qualify.
The gym will receive a check from NY state for a credit in the amount of $35,090 with the anticipation of receiving the same credit in Q4 2021.
Securing a credit of over $70,000 for our client will help keep the gym operational and servicing their customers.
500+ employees at minimum wage or just above creating a $2m/year labor cost increase.
But there were cost savings opportunities:
Customer was paying $1m/year in expedite/air shipment fees because they could not get product out on time, $4m in scrap, and too much inventory and too many people on the production floor
Using lean manufacturing, Industrial Engineering, Quality management, inventory and warehouse management techniques, Summit Business Solutions was able to eliminate the $1m in expedited air shipments by allowing the customer to get product delivered on time, cut scrap in half, saving $2m and saving another $3m in labor cost by reducing the staff by 125 people and getting the same amount of product manufactured.