The International Franchise Association today announced it has joined America’s Recovery Fund Coalition, an alliance of more than 100 trade associations and business organizations who are pushing for a grant-based federal assistance program to power the return of American enterprise. Together, the Coalition’s members span 30 business sectors and employ 45 percent of the nation’s workforce – more than 58 million workers.
“IFA is proud to take a leading role in America’s Recovery Fund Coalition,” said Matt Haller, IFA Senior Vice President of Government Relations and Public Affairs. “Franchise business owners such as restaurants, hotels, salons, gyms and residential & commercial services have been among the hardest hit by COVID-19, with 75 percent of franchises fully closed. Initial relief programs that provided direct support to employees were a positive bridge to keep employees connected to payrolls, but the crises is wider and deeper than anyone initially feared, and more direct support to employers will be critical for franchise businesses to survive long-term.”
In a letter sent to President Trump, congressional leaders, and the Secretary of the Treasury, the Coalition noted:
“Today we are announcing the creation of America’s Recovery Fund Coalition, a group of over 100 organizations advocating for a grant-based federal assistance program to power the resilience of American enterprise. America’s Recovery Fund Coalition includes members representing more than 30 business sectors that together employ 58 million Americans and comprising more than 45 percent of the private workforce.”
The Coalition went on to state:
“Existing programs like the Paycheck Protection Program were a well-intentioned effort to help defray the impact of the COVID-19 economic crisis, but we must build upon the current options and address the overwhelming need for additional capital support to businesses. A broad-based, efficient recovery fund that does not pick winners and losers is the best path forward. Without such a fund, our retailers, theatres, restaurants, and many other industries will be decimated – and our communities will be poorer both economically and culturally as a result.
“America’s Recovery Fund Coalition believes Congress must urgently create a federal direct assistance fund to provide rapid liquidity to businesses impaired by the COVID-19 national emergency. We believe the fund should be designed to help businesses maintain ongoing capital obligations during the prolonged crisis and the next months of economic healing, enabling employees to continue receiving pay, maintain benefits, and helping employers rehire former employees while workplaces get back on their feet and safely reopen to the public.”
To read the full letter, click here.
To see the full list of America’s Recovery Fund Coalition members, click here.
To learn more about America’s Recovery Fund Coalition visit www.AmericasRecoveryFund.org.