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Policy Update: CARES Act (March 23, 2020)

Monday, March 23, 2020

Dear ICSC Members,
Thank you for your continued support and for urging your elected officials to provide relief for our industry. Your passion and commitment to the industry are on display in the over 40,000 emails our members have sent Congress to date. ICSC is relentlessly focused on working with you, the Administration and Congress, and advocating on behalf of the entire industry.
There were many developments over the weekend including debate of the CARES Act. The situation is very fluid and no consensus has emerged. A procedural vote to bring up legislation (not a vote on the bill) failed on the Senate floor that puts renewed pressure on Republicans and Democrats to come to a deal as soon as possible.
ICSC is also working with a coalition of business associations and the insurance industry on a proposal to establish a Business Disruption and Recovery Fund.
The necessary public health and safety actions being taken today are driving an unprecedented reduction in consumer and business spending. ICSC members of all sizes and across all aspects of the retail real estate industry are facing insurmountable strain. Please know that we are working very intensely on behalf of all of you, and with every possible group, to ensure our industry is adequately represented in this unprecedented time.
Thank you again for your membership, your support and your letters to your elected officials.
Tom McGee
President & CEO