Vending

NAMA thanks US senators for employee retention tax credit reinstatement act

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February 11, 2022

The National Automatic Merchandising Association thanked federal lawmakers for introducing the Employee Retention Tax Credit Reinstatement Act to the Senate, according to a press release.

The bipartisan bill is a companion to H.R. 6161, introduced in the U.S. House of Representatives less than a month after meetings between convenience services industry representatives and members of Congress during the 2021 NAMA Fly-In event.

NAMA specifically thanked U.S. Sens. Maggie Hassan (D-New Hamphshire), Tim Scott (R-South Carolina), Mark Warner (D-Virginia), Shelly Moore Capito (R-West Virginia) and Ben Cardin (D-Maryland) for their support.

Signed by nearly 70 trade associations and charitable nonprofits representing small businesses, the letter noted that the now-prolonged recovery has stalled rehiring and cast a veil of financial uncertainty over the nation's small businesses.

"Bipartisan, bicameral support demonstrates the importance of ERTC to the vast number of small businesses for which it remains a lifeline. For many, their future literally rides on this funding," Carla Balakgie, president and CEO of NAMA, said in a press release.

The bill would preserve tax relief funds previously set aside by Congress to offset a small portion of employee wages from the fourth quarter of 2021 — $193 million for the convenience services industry. Access to this relief was cut during infrastructure funding negotiations.

NAMA estimates that nearly one in three (28.7%) convenience services industry jobs has been lost due to the COVID-19 pandemic.