Washington, D.C. (May 8, 2020)— Today, the U.S. Department of Labor released its monthly jobs report.
Alfredo Ortiz, President and CEO of the Job Creators Network, released the following statement:
“In April, the unemployment rate rose to 14.7 percent and 20.5 million Americans lost their jobs. This is an incredible reversal from two months ago, when the unemployment rate was 3.5 percent and we were on a record 113-month streak of job creation. The coronavirus outbreak and government-imposed lockdowns have taken a terrible toll, but there is light at the end of the tunnel. PPP loans are helping small businesses weather the storm, saving 30 million jobs, according to President Trump. Now it’s time for Congress to pass a targeted and temporary small business payroll tax suspension through the end of this year. This payroll tax suspension should be targeted specifically for small businesses with under 100 workers, including franchisee-owned locations with under 100 per location. This would amount to a 7.5% pay raise for employees and a 7.5% tax cut for small businesses who desperately need the extra money to stay afloat. Moreover, independent contractors, who usually pay both sides of the payroll tax, would receive a 15% pay raise.”
To read JCN’s letter to congressional leadership calling for a payroll tax suspension, please click here.