“The fire alarm is sounding on our economy and the only question is whether Congress will respond."
WASHINGTON, D.C.— U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley today issued the following statement on recent economic data indicating the American economy is slowing due to the impact of the pandemic.
“Today’s job report shows a slumping economic recovery. Yesterday, data from the Census Bureau indicated that nearly three times as many small business are reducing their number of employees as are adding workers. Soon approximately 12 million Americans will lose their unemployment assistance. The fire alarm is sounding on our economy and the only question is whether Congress will respond.
“The time for Congress to move a bipartisan bill is now. The U.S. Chamber strongly urges lawmakers to support bipartisan efforts to enact pandemic relief, and we call on them to work with the business community to ensure that relief reaches small businesses as soon as possible and that liability reforms provide meaningful protections like in the ‘Safe to Work Act’.
“The details of this bill are very important, but time is of the essence. American families cannot wait until next year.”
Recent economic statistics:
- According to recent Census Bureau polling,
- On December 26, 12 million Americans will lose their unemployment benefits.
- This month more small business have reduced employment (12.2%) than increased employment (4.3%).
- Nearly 37% of small businesses saw a drop in revenue this month.
- Over 73% of small businesses received assistance through the Paycheck Protection Program
- But nearly all have exhausted their PPP funding and over 26% expect to need additional financial assistance in the next six months.
