A group of 102 NAMA-led coalition partners urged congressional leaders to pass the bipartisan Employee Retention Tax Credit Reinstatement Act (ERTCRA).
In a letter delivered on June 2 to Speaker Pelosi, Leader Schumer, Leader McCarthy, and Leader McConnell, the associations and charitable nonprofits, which represent a wide range of small businesses, made the case that the ERTCRA is the most viable way to help small businesses recover from economic setbacks caused by the COVID-19 pandemic.
The NAMA-led coalition pointed to:
- Strong bipartisan support for the legislation across both chambers, 57 Republicans and 46 Democrats.
- Dire need for passage given inflationary pressure combined with the tax and administrative effects of the retroactive rollback of ERTC.
- CBO estimate of $8.2 billion cost of Q4 2021 ERTC and the likelihood this number is now smaller given some businesses have now shuttered.
In the letter, the coalition partners said: "While we believe the ERTCRA has a successful path to passage in both chambers as a freestanding bill, there are opportunities for Congress to deliver this much needed aid through other vehicles such as legislation currently in conference (COMPETES and USICA) strengthening supply chains and enhancing U.S. economic competitiveness."