PMAA Joins SBLC In Support Of JOBS Credit Act
Last week, PMAA joined other members of the Small Business Legislative Council (SBLC) in a letter supporting the Jumpstarting Our Businesses’ Success Credit (JOBS Credit) Act of 2020 (H.R. 6776) which would improve the Employee Retention Tax Credit (ERTC) provision included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Section 2301).
The JOBS Credit Act would–
— Expand the credit percentage from 50 to 80 percent of qualified wage;
— Increase the per-employee limitation from $10,000 for all calendar quarters to $15,000 per calendar quarter (and an aggregate of $45,000 for all calendar quarters);
— Change the threshold for treatment as a large employer from employers having more than 100 employees to employers having more than 1,500 employees (based on the average number of full-time employees in 2019) or having gross receipts above $41.5 million in 2019;
— Allow a phased-in credit, which would allow employers with more than a 20 percent decline in gross receipts to be eligible for a portion of the credit; and
— Improve coordination between the ERTC and the Paycheck Protection Program so employers can be eligible for both programs, but with guardrails in place to prevent “double dipping.”