WASHINGTON, D.C.—Small businesses reported record amounts of optimism this year due to the Tax Cuts and Jobs Act. House Majority Whip Steve Scalise (R-La.) heard this firsthand at a meeting with local Louisiana business owners. They shared how the tax reform bill has improved their lives and helped their business flourish by allowing them to use their resources to recruit and retain great team members and invest in new technologies that improve operations and foster growth. With small businesses employing over half of all private workers in Louisiana, their continued prosperity is crucial to the state’s economy.
The list of companies using their increased revenues from the Tax Cuts and Jobs Act to invest in their employees through bonuses and pay raises continues to grow. In Louisiana, these businesses include:
- LHC Group (Lafayette) – Increased compensation, increased 401(k) contributions and enhanced employee benefits for 15,000 Louisiana employees
- Continental Retail (Tallulah) – Awarded $500 bonuses to 20 employees
- Gulf Coast Bank & Trust Company (New Orleans) – Increased hourly wages to $12/hour and increased charitable donations to $75,000 for the year
- Lowe’s – Awarded bonuses of up to $1,000 based on length of service; expanded benefits and maternity/paternity leave; and allotted $5,000 for adoption assistance for 4,000 Louisiana employees in 31 stores
- Cleco Corporation (Pineville) – The utility is passing tax savings to customers
- Metairie Bank and Trust – Awarded $1,000 cash bonuses; increased base wage to $12/hour
- T.J. Max – In 14 Louisiana stores, awarded bonuses, increased retirement plan contributions, enhanced vacation benefits, parental leave, and charitable donations
- Walmart – In 124 locations across the state, the more than 21,000 employees will receive up to $1,000 in bonuses; $11/hour wage increase; expanded maternity and parental leave; $5,000 for adoption expenses
- Iberia Bank (Lafayette) – increase hourly pay by $2; $1,000 bonuses
- AT&T – Awarded $1,000 bonuses to 3,934 Louisiana employees
- Apple (Baton Rouge; Metairie) – Awarded $2,500 bonuses as stocks to employees
- BancorpSouth Bank – Awarded pay raises for over 70% of employees and $1,000 bonuses for nearly 20% of employees
- Home Depot – At 28 state locations, awarded bonuses for all hourly employees up to $1,000
- Cintas Corporation – Awarded $1,000 bonuses for employees of at least a year; $500 for employees of less than a year
- Comcast – Awarded $1,000 bonuses for employees
- Chipotle Mexican Grill – Awarded bonuses ranging from $250 to $1,000 and increased employee benefits
- Ryder – At 11 locations across the state, awarded bonuses for employees
- Starbucks Coffee Company – Awarded $500 stock grants for all retail employees; $2,000 stock grants for store managers; increased wages; and increased sick time benefits and parental leave
- U-Haul – Awarded $1,200 bonuses for full-time employees; $500 for part-time employees