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SUBSEQUENT EVENTS
 12 Months Ended
Mar. 31, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

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Employee Retention Credit

In first quarter of fiscal 2023 our Stadco subsidiary received two payments for an aggregate of $746,453 from the IRS under the Employee Retention Credit, or ERC program. As originally enacted by the CARES Act, the ERC provides a refundable payroll credit for eligible employers whose business has been affected by the coronavirus (COVID-19) pandemic for qualified wages paid after March 12, 2020, and before January 1, 2021. Notice 2021-49 (issued in August 2021) addressed changes made by the American Rescue Plan Act of 2021 to the ERC. These changes—applicable to the third and fourth quarters of 2021—includes a provision that made the ERC available to eligible employers that pay qualified wages after June 30, 2021, and before January 1, 2022.

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Ranor Term Loan

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On June 16, 2022, Ranor and certain affiliates of the Company entered into a Third Amendment to the Amended and Restated Loan Agreement and Third Amendment to the Promissory Note to further extend the maturity date of the Ranor Term Loan to September 16, 2022.