Help Mid-Market Companies get representation on the Opening the Country Councils to reboot the economy.
Mid-Market companies must be represented on the “Opening the Country Councils” being formed throughout the United States. They need a seat at the table.
Mid-Market companies create over $10 trillion in gross receipts and 30 million jobs in the United States alone.
We appreciate that many of the tax provisions of the CARES Act, including the 5-year net operating loss carry back, the upfront deduction of qualified improvement property, the enhanced deductibility of interest expense, the employee retention credit and the deferral of payment of the employer share of FICA taxes, will help Mid-Market companies improve their liquidity positions, as intended by the Administration and Congress.
Having said that, we are disappointed that other aspects of the CARES Act focus on large companies and small businesses while not adequately addressing the needs of the Mid-Market. Specifically, the lending programs found in the CARES Act in large part target qualifying small businesses and large, investment grade companies. We hope that the loans included in future COVID legislation will apply to Mid-Market companies which are not necessarily investment grade. As indicated above, Mid-Market companies are significant job creators and engines of the U.S. economy. Their enhanced liquidity is crucial in that it will enable these companies to continue to fund payroll demands so that the current unemployment problem will not grow.
We recognize that the Administration and federal legislators have been reaching out to Mid-Market companies in order to discuss how they can provide additional help in response to liquidity challenges arising during these difficult times. As a result, we remain optimistic that there will be more relief provided by the Administration and Congress which addresses the liquidity needs of mid-size companies.
Currently, federal, state and local governments are creating task forces to help plan the relaunch of the economy.
We, the undersigned, call on the federal, state, and local governments to have Mid-Market companies represented on the planning councils. These companies must be included in the process relaunching the economy so that their specific concerns, including liquidity, are addressed in the mandates issued by all levels of government assisting with the transition from the pandemic back to normalcy. They need a seat at the table!
The Help Mid-Market Companies get representation on the Opening the Country Councils to reboot the economy. petition to Government was written by Kenneth Beck and is in the category COVID-19 at GoPetition.