Generous unemployment benefits working against economic turnaround
CARSON CITY, Nev., June 4, 2020—Yesterday’s U.S. Senate concurrence of H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, along with today’s release of NFIB’s latest Jobs Report, is bringing to a close a huge week of small-business news.
“Nevada has the highest unemployment rate in the nation at 28.2 percent, and Las Vegas is at 33.5 percent,” said Randi Thompson, Nevada state director for NFIB. “As Nevada continues to open, employers are trying to bring back their employees. Yet the generous unemployment benefits from the federal government are working against that.”
Thompson’s comment today partially caps off a week of important small-business news, including:
- Today’s release of NFIB’s monthly Jobs Report showing a continued weakening of the nation’s employment picture but also offering a glimmer of hope, “A seasonally adjusted net 8% plan to create new jobs, up 7 points from April.”
- Yesterday’s U.S. Senate passage of H.R. 7010, which would reduce the payroll limitation of the Paycheck Protection Program and extend the loan forgiveness period.
- Tuesday’s release of an extensive NFIB poll showing most small businesses nearing the end of the eight-week forgiveness period on PPP loans.
Keep up with the latest on Nevada small business at www.nfib.com/nevada or by following NFIB on Twitter @NFIB_NV
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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