Job Creators Network Reacts to Weekly Unemployment Claims Report
Washington, DC – (May 7, 2020) — New data released by the Department of Labor reveals the number of first-time unemployment claims was 3.2 million last week. During the past seven weeks, about 33 million Americans have lost their jobs.
“Government-imposed lockdowns continue to take a devastating toll on our economy. We are losing nearly 30,000 jobs every hour of every day. The only reason that jobless claims are down slightly over the past month is because of the Paycheck Protection Program. But Congress needs to do more. Today, JCN is sending a letter to congressional leadership calling for a targeted and temporary small business payroll tax suspension through the end of the year. 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. This will be a lifeline for the small business community as states begin the process of reopening their economies, consistent with public safety.”
To read JCN’s letter to congressional leadership calling for a payroll tax suspension, please click here.