Washington, DC (December 10, 2020) — New data released by the Department of Labor reveals the number of first-time unemployment claims was 853,000 last week.
“America’s economy is on the precipice. Months of economic gains are threatening to be wiped out as Democratic Governors and Mayors begin a new wave of lockdowns. We need Congress to put politics aside and renew the Paycheck Protection Program. That is the single best thing Congress can do to keep America’s economy running during this massive spike in Covid cases that will likely last through the winter. JCN’s ‘Operation Mayday’ is building grassroots support for PPP legislation, and we are encouraged that negotiations are moving in the right direction. PPP renewal should consist of the following: First, allow small businesses to tap into the $130 billion that is already in the program. Second, allow small businesses to take out a second forgivable loan. Finally, stipulate that expenses associated with PPP loan forgiveness are tax-deductible as originally intended in the CARES Act. Congress must act before the end of the year. America’s small businesses can’t rely on empty promises and hope. JCN will keep working with Congress and the Administration on immediate PPP renewal because nothing is more urgent.”
To read JCN’s letter to Leader McConnell, Speaker Pelosi, Minority Leader McCarthy, and Minority Leader Schumer about PPP renewal, please click here.
Last week, RealClearPolitics.com published Mr. Ortiz’s op-ed, Pass PPP as a Small-Business Bridge to Post-Vaccine Future. To read it, click here.