Governor Wes Moore & Gov. Joe Lombardo Unveil Budget Proposals; Grazzy Secures $4.25MM in Seed Funding for Employee Payments Platform
Governor Wes Moore of Maryland recently unveiled a $63.1 billion fiscal 2024 budget proposal that does not include a tax increase and maintains a Rainy Day Fund at the target level of 10 percent of General Fund revenue or $2.5 billion. Meanwhile, Nevada Gov. Joe Lombardo announced his preliminary FY 2024 budget plan, which includes a record $2 billion in new funding for Nevada’s K-12 education system and an increase in total per-pupil spending by more than $2,000 per student– from $10,290 this year to $12,406 in the upcoming fiscal year.
Payroll taxes for employers can be a great way to offer relief to employees during the coronavirus pandemic. The Employee Retention Credit (ERTC) was enacted as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). It is a fully refundable tax credit that can be as high as $26,000 per employee and is equal to 50% of up to $10,000 in wages paid to each employee before Jan. 1, 2021. Employers can claim a credit of up to $5,000 for the year per eligible employee for 2020, and up to $7,000 per quarter per eligible employee for 2021. To qualify, employers must have experienced a partial or full suspension due to COVID-19 economic shutdowns or a significant decline in gross receipts compared to 2019, and must have continued to pay at least 80% of their employees.
Grazzy, a next-gen employee payments platform, recently announced $4.25MM in Seed funding from Next Coast Ventures and Tuesday Capital. The funding will be used to help 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. Grazzy enables hourly workers to increase their earnings, access it on the same day, and manage their money more efficiently. It also enables digital tipping, instant tip-outs, and inclusive banking solutions that are built to scale with hospitality and services businesses of any size. 
0. “Kevin Kinnally, Author at Conduit Street” conduitstreet.mdcounties.org, 25 Jan. 2023, https://conduitstreet.mdcounties.org/author/kcklase/
1. “Lombardo calls for gas tax holiday, raises for state employees, and …” www.kpvi.com, 25 Jan. 2023, https://www.kpvi.com/news/national_news/lombardo-calls-for-gas-tax-holiday-raises-for-state-employees-and-lots-of-saving-for/article_a47d3393-ddea-559c-a80f-65298f09d7cc.html
2. “The Complete 2023 To Getting The Employee Tax Retention Credit” www.merchantmaverick.com, 25 Jan. 2023, https://www.merchantmaverick.com/what-is-the-employee-retention-tax-credit/
3. “Employee Retention Credit allows home care employers to claim $21K” www.mcknightshomecare.com, 25 Jan. 2023, https://www.mcknightshomecare.com/employee-retention-credit-allows-home-care-employers-to-claim-21k/
4. “How To Calculate The Employee Retention Tax Credit” www.merchantmaverick.com, 25 Jan. 2023, https://www.merchantmaverick.com/how-to-calculate-erc/
5. “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/