Washington, DC (December 17, 2020) — New data released by the Department of Labor reveals the number of first-time unemployment claims was 885,000 last week.
“Another week in which jobless claims were high, another week in which Congress did nothing. JCN has been leading the charge for PPP renewal, including launching ‘Operation Mayday’ to build grassroots support for PPP legislation before the end of the year. Negotiations are moving in the right direction, but our small business community doesn’t have any more time to waste. Lockdowns are accelerating as Covid cases spike, and we have every reason to believe that will continue through the winter. There is already a bipartisan consensus in Congress that PPP needs to be restored. In fact, most Members of Congress acknowledge it’s the most important part of any economic relief deal. The only thing holding it back is the usual partisan wrangling over lower-priority items. We need Congress to come together in a bipartisan way today. Not tomorrow, not the week after, but today. 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. The PPP is already one of the most successful government programs of all-time. It’s time to bring it back, with America facing a crisis that could equal the first wave of the pandemic. If we can keep America’s small businesses solvent through the winter, mass vaccinations could facilitate a strong economic recovery in the spring. But the first step is for Congress to do its job.”
To read JCN’s letter to Leader McConnell, Speaker Pelosi, Minority Leader McCarthy, and Minority Leader Schumer about PPP renewal, please click here.
This month, RealClearPolitics.com published Mr. Ortiz’s op-ed, Pass PPP as a Small-Business Bridge to Post-Vaccine Future. To read it, click here.