WASHINGTON, March 27, 2020 — The parking industry commends Congress and the Administration for their swift action in bipartisan passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to aid workers and businesses nationwide. The scale and scope of the legislation will help small businesses and larger companies bridge the devastating collapse of business during the COVID-19 crisis.
Senators and Representatives from both sides of the aisle, as well as the Treasury department were in close contact with parking industry leaders throughout the negotiations.
The 581,000 employees in the parking industry and nearly 1 million workers in total supported by the parking industry are grateful for the support for furloughed workers to help sustain them until business is up and running again.
“We are so glad that so many Members of Congress, particularly Speaker Pelosi, Leader Schumer, Leader McConnell, and Leader McCarthy, understood quickly that with our industry facing an 80 percent collapse in demand, emergency funding and aid for businesses is the lifeline businesses need to avoid immediate closure due to the COVID-19 crisis. Aid for workers and loan facilities for small businesses and larger companies are vital to the survivability of the parking industry in the face of the pandemic,” said NPA President, Christine Banning, IOM, CAE.
“It will be essential for the Small Business Administration and Treasury Department to implement their new funding authorities swiftly so that we can get cash to our businesses and their employees during this critical time,” added Banning.
Banning commended the Congress for its responsiveness to the employers of the parking industry who are working tirelessly to keep workers employed and aid workers furloughed by the immediate drop off in business due to the novel coronavirus.
The inclusion of key provisions provide relief to an industry besieged by rapid declines in business, putting more than half of all industry workers at risk. Recovery depends upon liquidity for business to stay open and be able to recover and bring back furloughed workers.
Key Provisions helping parking industry workers and employers include:
- Increased unemployment benefits.
- Deferral of the payment by employers of the 6.2 percent payroll tax for their employees until Dec. 31, 2021.
- Establishment of a $500 billion loan guarantee program for larger companies as well as for nonprofits from 500 to 10,000 employees that the Treasury Department will implement within 10 days.
- $350 billion for new small business lending that includes companies, nonprofits, and others with up to 500 employees (and, in some limited exceptions for larger businesses).
Banning said, “As an industry we’ve come together to rally the support of the Senate and House, so that Congress hears the voice of the parking industry and helps our employees industrywide in the private and public sector make it through this crisis. My heartfelt thanks to the devoted Senators and Congressional Representatives who have heard the plea of small businesses and larger companies that are the employers who help parking as essential infrastructure support hospitals, government, hospitality and businesses in our transportation system.”
About National Parking Association
The National Parking Association is the nation’s leading voice of the $131 billion parking industry—an essential industry that contributes $260 billion in total economic activity across the country. We are the market leader in parking industry research, education and programs, and advocate for its nearly 1 million employees. We support advancing the interests of the private and public sector in parking technology, sustainable mobility, certification, advocacy, research, and education. Learn more at weareparking.org.