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CARES Act Employee Retention Credit and Governor Wes Moore’s FY2024 Budget: Grazzy Announces $4.25MM Seed Funding for Inclusive Financial Wellness

The Employee Retention Credit (ERC) was created by the Coronavirus Aid, Relief and Economic Security (CARES) Act to help employers who were affected by the pandemic, and is available to businesses who have experienced either a full or partial suspension of operations due to a governmental order or a significant decline in gross receipts compared to 2019. The credit is equal to 70% of the qualified wages paid to each employee after December 31, 2020 and before September 30, 2021, with a maximum of $7,000 per eligible employee per calendar quarter.

Governor Wes Moore of Maryland has announced his preliminary FY 2024 budget plan, which includes a record investment in education and transportation, while maintaining a Rainy Day Fund at the target level of 10 percent of General Fund revenue, or $2.5 billion.[0] This budget does not include a tax increase and has a higher-than-normal budgeted General Fund balance of $820 million for economic uncertainties.[1] The education proposals include $2 billion in new funding for K-12 students, a nearly 22% increase over current funding levels, dual-language pilot programs, Teach Nevada Scholarships, expansion of Pre-K programs, deferred maintenance on educational facilities, a $2,116 increase in per-pupil funding and an almost tripling of Nevada Opportunity Scholarships.[2]

Grazzy is a next-gen employee payments platform that helps hotels, bars, restaurants, salons and more improve employee retention and recruiting by increasing wages, unlocking instant access to same-day earnings, and offering more inclusive financial wellness for hourly employees.[3] This month, Grazzy announced $4.25MM in Seed funding from Next Coast Ventures and Tuesday Capital, bringing its total Seed funding to $6.8MM.[3]

The platform offers digital tipping, instant tip-outs, and inclusive banking solutions that are built to scale with hospitality and services businesses of any size.[3] Several of the world's biggest and most beloved hotel brands are leveraging the Grazzy platform to enable digital tipping, same-day pay, and in-the-moment positive feedback for their team members.[3] Grazzy helps hourly employees make more money, access it the same day, and save and spend in better ways, and offers digital tipping enablement at no cost and the lowest fees in the market.[3]

0. “Governor Moore Releases Preliminary FY 2024 Budget Plan …” whatsupmag.com, 25 Jan. 2023, https://whatsupmag.com/news/governor-moore-releases-preliminary-fy-2024-budget-plan/

1. “Kevin Kinnally, Author at Conduit Street” conduitstreet.mdcounties.org, 25 Jan. 2023, https://conduitstreet.mdcounties.org/author/kcklase/

2. “State of the State, budget are positive bridge-building steps for new …” lasvegassun.com, 25 Jan. 2023, https://lasvegassun.com/news/2023/jan/24/state-of-the-state-budget-are-positive-bridge-buil/

3. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” seedround.info, 25 Jan. 2023, https://seedround.info/grazzy-raises-4-25mm-to-power-hospitalitys-future-of-digital-tips-same-day-pay-and-financial-wellness-for-hourly-workers/