U.S. chamber: Companies need fast aid

— The nation’s largest business organization asked the Trump administration and Congress on Monday to act rapidly to help companies have access to cash and avert a “potentially devastating” hit to the economy as the coronavirus pandemic forced closures and quarantines that threatened to choke off commerce worldwide.

In a letter to President Donald Trump and congressional leaders, the U.S. Chamber of Commerce called for legislation including a three-month cancellation of the taxes companies pay to support Social Security, Medicare and unemployment insurance.

They also recommended an easing of restrictions on loans for businesses that employ fewer than 500 workers and an expanded system of loans and loan guarantees for larger companies.

The chamber said in a statement accompanying the letter that acting quickly could “mitigate the potentially devastating economic effects” of the virus’ spread.

The chamber’s proposals come with talks already underway on a new bill aimed at blunting the damage the virus is doing to the economy. Senate Majority Leader Mitch McConnell, R-Ky., said the legislation will focus on direct financial help to individuals, help for businesses such as the airline industry and further steps to support the healthcare system.

Industries representing a broad swath of the economy were seeking help from Congress in withstanding the crisis, which is seeing business closures, layoffs and planned events and travel canceled by the hour.