Published on August 19, 2024
Creatd, Inc. (OTC: CRTD) today provided an important update regarding its previously filed claim for nearly $1.3 million in Employee Retention Credit (ERC) from the IRS. The Company successfully completed and submitted all required documentation in December 2023, following the initial moratorium that the IRS had set for September 2023. With last week’s extension of the IRS moratorium to January 2024, and the Company’s filing in December 2023, Creatd now anticipates receiving its full share of the credit once the IRS resumes processing claims under the revised timeline. The Company believes the IRS will begin facilitating payouts over the next few quarters, further reinforcing its financial strategy.
The ERC program was designed to provide financial relief to businesses that retained employees during the COVID-19 pandemic. Creatd’s submission is now subject to review under the updated IRS timeline, which stipulates that claims filed before January 31, 2024, will be processed according to the new guidelines.
Jeremy Frommer, CEO of Creatd, commented on the current situation: "We firmly believe that Creatd is entitled to nearly $1.3 million in rebates from the ERC program, and we have completed all necessary filing requirements to secure this credit. The IRS’s recent extension of the moratorium has shifted the timeline in our favor, and I have always maintained that we would recover the full amount we are due. It is my intention not only to ensure that companies like ours receive what they are owed from government programs but also to help other businesses navigate these opportunities in a challenging market."
Creatd collaborated closely with Synergi Partners and Fuse Partners to ensure that its ERC filing was accurate and consistent with guidelines, reflecting the Company's commitment to maximizing available financial resources. This credit is viewed as a critical component of Creatd’s strategy to strengthen its financial foundation and support its long-term growth.
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