Job Creators Network Reacts to Weekly Unemployment Claims
Washington, DC – (April 2, 2020) — New data released by the Department of Labor reveals the number of first-time unemployment claims jumped to 6.6 million last week—an all-time high. This is on top of the 3.3 million initial jobless claims last week. Layoffs have been particularly widespread among small businesses. According to researchers at the University of North Carolina’s Kenan-Flagler Business School, up to 6.6 million small-business employees were immediately laid off when state governments in March began mandating businesses close to contain the virus’s spread.
“As expected, the number of initial jobless claims continued to soar last week—highlighting the destructive impact the coronavirus is having on American workers and businesses. Thankfully, last Friday, President Trump signed the CARES Act into law – a critical lifeline to America’s job creators once it takes full effect. Starting tomorrow, job creators can begin applying for the $349 billion Paycheck Protection Program, which will give them much-needed cash to keep payroll flowing, while covering rent, utilities and other overhead. JCN has already begun the process of mobilizing job creators to participate in the program, while highlighting the importance of getting their loans processed quickly. We will continue to work closely with the Treasury Department and SBA so that America’s small businesses can keep our economy running.”