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ADA, other organizations outline economic response needs to survive pandemic

Industries seek accessible credit, suspension of tax filings during coronavirus crisis

March 20, 2020

By Kimber Solana

The ADA and nearly 100 other organizations are asking Congress and the White House to help businesses survive the coronavirus crisis by reducing their costs and increasing their cash flow as much as possible in the coming weeks.
   
In a March 18 letter to Senate Majority Leader Mitch McConnell, R-Ky., House Speaker Nancy Pelosi, D-Calif., and President Trump, the group outlined key actions that any economic response to COVID-19 should include in an effort to help businesses survive the pandemic.
   
According to the group, any economic response should include readily accessible, unsecured credit to businesses of all sizes to ensure they have the cash to pay their workers, rent and other costs during the crisis; suspending the filing of business returns and the payment of all business taxes to the federal government for the duration of the pandemic; and amending the tax code to restore the ability of businesses to carryback any net operating losses against previous year tax payments.

“Individually and family-owned companies operate on their cash flow, and that cash flow has been severely disrupted in the past week — their costs are up and their revenue flows are down, if not shut off completely,” the group said in the letter. “The public response to the pandemic should be over in a few months, but the negative effects of lost jobs and closed businesses will be with us for much longer.”

In addition to the ADA, the other groups that signed the letter represented a variety of industries, including the Agricultural Retailers Association, Manufacturer & Business Association, National Mining Association, Retail Industry Leaders Association and the American Institute of Architects.

For updates on COVID-19, visit ADA.org/virus.