MHI joined a coalition of business associations in telling Congressional leaders to include H.R. 6776, the “Jumpstarting Our Businesses’ Success (JOBS) Credit Act of 2020” in future legislative packages aimed at helping people and businesses recover from the economic impact of COVID-19.
The JOBS Credit Act is a bipartisan effort on behalf of American businesses to expand the Employee Retention Credit (ERTC), which was created as part of the CARES Act to incentivize employee rehiring and retention in the wake of COVID-19. Per the letter, the JOBS Credit Act would enhance the ERTC by:
- Increasing the credit from 80 percent to 50 percent;
- Increasing the wage base to $15,000 per quarter for up to three quarters—previously $10,000 per year;
- Easing the qualifying rules for revenue decline;
- Including health benefits in the definition of qualified wages; and
- Allowing businesses that receive a loan through the Paycheck Protection Program loan to qualify for the credit.
Incentivizing American businesses to maintain employment is crucial to ensuring the long-term success of the economy as it recovers. MHI will continue to push for this and any legislation that helps our industry and others survive and thrive after this national health emergency.
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