ASTA on Tuesday applauded the efforts of several lawmakers attempting to restore the Employee Retention Tax Credit (ERTC) for the fourth quarter.
The ERTC was included in the 2020 Cares Act and was designed to help small businesses rehire employees lost due to the pandemic or retain existing employees. While the credit was expected to be available until the end of the year, the recent Infrastructure Investment and Jobs Act eliminated it for the fourth quarter.
Reps. Carol Miller (R-W. Va.), Stephanie Murphy (D-Fla.), Kevin Hern (R-Okla.) and Terri Sewell (D-Ala.) on Tuesday planned to introduce the Employee Retention Tax Credit Reinstatement Act. It would reinstate the ERTC for the remainder of the year.
“ASTA strongly supports the Employee Retention Tax Credit Reinstatement Act and commend Reps. Miller, Murphy, Hern and Sewell for their leadership and for recognizing that, for many businesses, the pandemic is far from over,” ASTA executive vice president of advocacy Eben Peck said in a statement. “We hope that congressional leadership recognizes this as well and ensures that any legislation moving through Congress before the end of the year incorporates their bill.”
Peck said many travel agencies had been counting on the ERTC for the fourth quarter.
“With [the Paycheck Protection Program] having long since run dry, the ERTC is the only game in town for industries like travel that face a long Covid recovery window,” he said.
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