WASHINGTON — A bill to extend a tax credit for businesses to keep employees on the payroll and receiving benefits has picked up a key endorsement from the Problem Solvers Caucus.
The Caucus officially endorsed the JOBS Credit Act, a bill that would expand the Employee Retention Tax Credit (ERTC) to provide struggling businesses with funds to keep workers on payroll and receiving benefits.
According to Congressman Tom Reed, if passed, the bill could help protect nearly 60 million jobs at 6.1 million businesses by expanding the ERTC.
Problem Solvers, Reps. Stephanie Murphy (D- FL) and John Katko (R-NY) introduced the bipartisan JOBS Credit Act in the House of Representatives. The legislation received the caucus’ endorsement after more than 75 percent of the 50-member caucus agreed to support the bill.
“As we continue to fight COVID-19, we must continue to meet the changing needs of our small businesses that are vital to our country’s economy, providing jobs and critical services to millions of Americans,” said Reed. “I am proud that the Problem Solvers Caucus endorsed the JOBS Credit Act, so we can continue to enhance programs like the Employee Retention Tax Credit that will allow small businesses to pay their bills, retain their employees, and remain ready to open their doors again soon.”
The bill aims to help employees keep their jobs during the COVID-19 pandemic, supporters said.
The JOBS Credit Act improves employee retention tax credits by replacing a higher share of an employee’s wages, increasing the amount of wages covered, and covering more businesses, supporters said.