March 26  
The Chamber applauded Senate passage of the CARES Act, and urges the House to act to immediately pass the legislation to help businesses stay open and pay their employees, reduce the potential of future layoffs, and ensure more hardworking Americans have access to their paychecks. 

“The CARES Act could make the difference between keeping a business up and running or being forced to reduce salaries, layoff employees, or shutter businesses entirely,” Donohue said. 

The Chamber is keeping the pressure on to ensure that American businesses are able to stay open and keep their workers on the payroll. Importantly, the bill includes three bold provisions that the Chamber has been strongly advocating including: 

•  $350 billion in loans for small businesses  

•  Delayed payroll tax payments to boost liquidity  

•  $500 billion in federally backed loans and loan guarantees for midsize and large businesses. 

Read more

How Small Business will Benefit from the Coronavirus Aid, Relief, and Economic Security (CARES) Act 

Guide to the Employee Retention Tax Credit 

Guide to SBA's Economic Injury Disaster Loans 

COVID-19 Emergency Loans: Small Business Guide 

March 23, U.S. Chamber Supports CARES Act to Keep Workers on the Job, Businesses Open 

March 23, U.S. Chamber Key Vote Alert! Letter on the CARES Act 

March 22, U.S. Chamber Urges Immediate Adoption of Legislation to Help Workers, Businesses Impacted by the Coronavirus 

March 20, U.S. Chamber Letter on the CARES Act 

VIDEO: Clip of Tom Speaking on CNBC on the CARES Act: March 25, 2020 

March 21 
US Chamber joined with four additional trade associations in a letter to congressional leadership on credit reporting procedures being applied to credit reports during the COVID-19 pandemic. 

“As you consider options to protect consumers from harm, please be aware that blanket suppression of all adverse information in credit reports could disrupt consumer access to credit in the future. Further, credit agencies have stated that not reporting information will actually have a negative impact on consumers’ scores. Additionally, lenders can use the appropriate natural disaster or “paid as agreed to” codes now. Changing the credit reporting system across the entire country for the nation’s millions of lenders (many of whom are working remotely) will take months. 

“While suppression is well intended, it could undermine safety and soundness. Encouraging lenders to continue allowing complete credit reporting information to reflect loans where payments are deferred or in forbearance due to an ongoing natural disaster is a better solution. This would quickly and efficiently ensure that coronavirus-related incidents do not negatively affect a consumer’s credit score.” 

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March 20
The U.S. Chamber called on Congress to build on the Senate’s small business proposal for America’s larger employers, but with much less generous terms, via a “bridge loan.” 

The "bridge loan" program should consist of: 

•  Federally guaranteed loans: Companies with more than 500 employees that have seen a revenue loss of 10% or more as a result of the COVID-19 outbreak based on the creditworthiness of the company in January 2020 would be eligible. 

•  Maximum loan amount: Three months of payroll expenses (including pro-rata healthcare expenses). 

•  Repayment: Loans would be repayable over five years. 

•  Employee retention incentive for severely impacted employers: Employers with more than 25% loss in revenue that maintain at least 90% of the employees at existing pay levels through December 2020 would have 10% of their loan forgiven. However, there are other improvements that need immediate attention to provide expedited liquidity to help all businesses cope with the economic effects of the pandemic. 

•  Backing: These loans would be issued by financial institutions through a credit facility administered through the U.S. Federal Reserve. 

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March 16 
The U.S. Chamber of Commerce proposed three ideas to help support American businesses and workers, and to mitigate job losses amid the coronavirus pandemic. Specifically, the Chamber called for legislation that would: 

1. Cancel payment of all payroll taxes typically paid by employers for March, April, and May. 

2. Expand and streamlining loan programs for small businesses with fewer than 500 employees experiencing revenue loss as a result of the Coronavirus. 

3. Enable the creation of credit facilities to provide loans and loan guarantees to employers with more than 500 employees experiencing significant revenue loss as a result of the Coronavirus. 

"We have a simple principle at the Chamber,” U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley said in an interview on CNBC on Monday. “No individual and no business should go bankrupt simply because of a disruption in revenue during this crisis.” 

The U.S. Chamber recommended these policy actions in addition to the Families First Coronavirus Response Act that the U.S. House passed on March 13. On Wednesday, the U.S. Senate approved the House legislation, which President Trump has now signed into law. The U.S. Chamber’s policy proposals would build on this legislation to provide relief for workers and businesses facing economic hardship because of the coronavirus outbreak.  

The Families First Coronavirus Response Act includes: 

•  Paid emergency leave with two weeks of paid sick leave and up to three months of paid family and sick leave for businesses with less than 500 employees.  

•  Free testing for COVID-19.  

•  Expand federal funding of Medicaid. 

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March 23 
U.S. Chamber sent a letter to the Department of Labor asking for guidance on the Families First Coronavirus Response Act. 

“The Chamber supported the FFCRA and believes providing paid leave to employees during this crisis is the right thing to do. We applaud the administration’s efforts to put in place policies to reduce the spread of the Coronavirus and get on top of this problem as soon as possible. The sooner employers can understand clearly what is expected of them, the faster and more efficiently employers will be able to contribute to the overall effort.” 

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March 17 
The U.S. Chamber continues to call for legislation that would allow the Federal Reserve to establish credit facilities to support employers in securing loans via a Commercial Paper Funding Facility (CPFF). 

“We are committed to helping American businesses respond to the coronavirus so they can support their employees, customers, and communities. A key component of that is ensuring liquidity in our financial markets. The U.S. Chamber supports the bold action by the Federal Reserve, with the support of the Treasury Secretary, to directly provide liquidity to commercial paper markets through establishing a Commercial Paper Funding Facility. This will allow businesses to access needed cash and provide reassurance to investors. No family and no business should go bankrupt because of the financial hardships caused by the coronavirus.” 

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March 20 
U.S. Chamber sent a letter to governors and mayors, urging them to follow DHS guidance on essential workforce to find the right balance essential critical infrastructure workers can continue to support public health and safety.  

“We all agree that decisive action is critical to mitigating the short- and long-term impact of the pandemic,” said U.S. Chamber of Commerce CEO Thomas J. Donohue. “We understand the importance of social distancing and limiting interactions as much as possible as the nation seeks to flatten the curve of the coronavirus. At the same time, we must find the right balance so that essential critical infrastructure workers can continue to support public health and safety, as well as the economic and national security of the U.S.” 

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March 20 
U.S. Chamber sent a letter to Governors Andrew Cuomo (NY) and Lawrence J. Hogan, Jr. (MD) advocating for their support in urging state and local governments to be thoughtful in these orders and align them with DHS’s guidance on essential critical infrastructure workforce.  

We all agree that decisive action is critical to mitigating the short- and long-term impact of the pandemic.  However, many well-intentioned state and local governments are contemplating or issuing stay at home orders or orders allowing only movement of workers involved in essential businesses.  We understand the importance of social distancing and limiting interactions as much as possible as the nation seeks to flatten the curve of the coronavirus. 

At the same time, we must find the right balance so that essential critical infrastructure workers—as identified in the Department of Homeland Security (DHS) Cybersecurity and Infrastructure Security Agency’s (CISA) recent Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response—can continue to support public health and safety, as well as the economic and national security of the United States.  

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March 26 
U.S. Chamber joins coalition letter expressing concern by a “Buy American” executive order.  

While we are encouraged by this partnership and the Administration’s ongoing efforts with our international allies to respond to the pandemic with all available resources, we are concerned by reports of a draft “Buy American” executive order that could be counterproductive to these efforts. Such an order may delay the discovery of a COVID-19 vaccine and other treatments, worsen shortages of critically-needed medicines and medical products, and undermine prospects for economic recovery. 

Now more than ever, U.S. industries require access to international supply chains to produce critically-needed medical products. The United States simply does not produce all of the raw materials or intermediate goods that are essential to drug development or production of the medical equipment needed to thwart this pandemic. Preventing federal agencies from sourcing medical equipment and pharmaceutical ingredients from abroad — or that are made with non U.S. inputs — would only exacerbate the supply shortages racking the United States. 

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March 25 
U.S. Chamber EVP and Head of International Affairs Myron Brilliant Advocates for Transatlantic Cooperation on Coronavirus 

“At this time of crisis, the United States and Europe should be the leading drivers of a global response to the mounting health and economic challenges. As the world’s two largest and most open markets, the U.S. and Europe are uniquely positioned to demonstrate collective leadership at this critical moment by ensuring that goods needed for the pandemic response can flow unimpeded and by keeping essential services running. Working together will strengthen our economic partnership and rebuff mounting pressures to pull up the drawbridges and focus inward.” 

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