Brady: As Job Losses Rise, CARES Law Will Help Keep Workers on Payroll
The Woodlands, TX — The top Republican on the House Ways and Means Committee Kevin Brady (R-TX) released the following statement in response to the Labor Department’s report on weekly jobless claims:
“The coronavirus is hitting America’s economy hard, with 10 million workers jobless in the last two weeks alone. There is more harsh economic data coming our way.
“That’s why Congress’s action on the CARES economic bill is so crucial – injecting trillions of dollars of cash into business large and small to carry them through this temporary cash-flow crisis. Deferring payroll taxes for all businesses for the year, allowing immediate losses on past tax returns, Payroll Protection loans for small businesses, the new employee retention tax credit, and lending for larger distressed industries, provides $1.4 trillion of cash right now, when businesses need it most.”
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