Dear Friend,

I hope you and your family are continuing to stay healthy and well.

I wanted to share my thoughts on the humanitarian crisis unfolding in Afghanistan. 

I have long believed that it was time to withdraw American troops from Afghanistan. However, that belief was premised on the idea that any withdrawal would be logically conducted in a safe and organized fashion. One need only to look at the humanitarian crisis unfolding to come to the conclusion that the Biden Administration has not prioritized organization or safety in the withdrawal currently transpiring.

Below you will find an update on my work for Arizona's 6th District this last week. 

Arizona's Share of $1.2 Trillion Infrastructure

I wanted to share the above graphic with you on the funding for the newly passed Senate bipartisan infrastructure bill. It is important to show how the Senate’s $1.2 trillion bill is not as victorious as it may seem for states like Arizona, who have often times paid for our own infrastructure over the years without being overly reliant on the federal government. In reviewing the legislation, this bill will reward states back East who have failed to maintain their own infrastructure over the last decades, and have come to rely on Washington to bail them out. 

Arizona, with the fifth most populous city in the country, is getting billions less than states with similar or lower populations. For years we have largely paid for our own infrastructure, including bonding and building our freeways or various water infrastructure projects. 

Following this legislation's passage in the Senate, House Democrats are planning to bring a $3.5 trillion "human" infrastructure package to the House Floor next week that will increase costs, raise taxes, and expand the size of our federal government. I will continue to update you on these costly proposals, and share updates on how this will impact Arizonans. 

Watch Out for Scams

I wanted to bring the recent rise in identity theft cases in our district to your attention. Our office has recently received an increase in calls from Arizonans regarding identity theft. Please, for your own protection, routinely check your financial accounts and keep track of your transactions. If you spot any abnormal activity and believe you’ve become victim of identity theft you can file a report with the Federal Trade Commission.

For assistance relating to this matter, please contact our Scottsdale District Office at (480) 946-2411 and we’d be more than happy to help you.

Employee Retention Credit 

I have been hearing from many local business owners in our district about the tight labor market we are experiencing. One tool for small and medium-sized businesses that I would like to highlight is the Employee Retention Credit (ERC), which was created under the CARES Act and aims to support businesses keeping employees on their payrolls and recoup some hiring costs.

This refundable tax credit is a quarterly tax credit against the employer’s share of certain payroll taxes. This tax credit is targeted for businesses with under 500 employees that were either affected by COVID-19 lockdown orders, or had revenue decline by 20% or more during any quarter of this year may be eligible. The tax credit is 70% of the first $10,000 in wages per employee in each quarter of 2021, and small and medium-sized businesses that claimed PPP loans can also potentially claim the ERC as well. This credit was extended through the third and fourth quarters of 2021.

For more information, please see this IRS guidance.

Arizona Bankers Roundtable

Last week I joined the Arizona Bankers association for a roundtable to discuss the issues facing our banking industry, and how proposals set forth in Congress impact their work.

Our banks played an integral role in this last year processing Paycheck Protection Program loans for our businesses during COVID-19 lockdowns. It was a pleasure to join local community leaders and discuss legislation impacting the banking industry. 

I appreciate you taking the time to read my weekly newsletter. If my office can ever be helpful for you, please don't hesitate to reach out to us. 

Sincerely,

David Schweikert