Group Comprised of 30 Business Sectors, Employing 58 Million American Workers, Will Advocate for Federal Direct Assistance Fund to Power an American Recovery
NEW YORK (May 4, 2020): Today, ICSC announces the formation of America’s Recovery Fund Coalition, an alliance of more than 100 trade associations and business organizations advocating for additional economic support in the form of a grant-based federal assistance program to help businesses retain and rehire employees, maintain worker benefits, and resume or continue economic activity. The Coalition’s members span 30 business sectors and employ 45 percent of the nation’s workforce – more than 58 million workers.
“We believe the establishment of America’s Recovery Fund is the most holistic approach to address the economic impact of this crisis, without choosing industry winners or losers,” said Tom McGee, President and CEO of ICSC. “The continuity of cash flow it would provide will allow businesses of all sizes impacted by COVID-19 to maintain their employees and emerge better positioned to advance an economic recovery. We are at a critical juncture and the most comprehensive way to approach this crisis is through a recovery fund created at the federal level.”
In a letter sent to President Trump, congressional leaders, and the Secretary of the Treasury, the Coalition noted:
“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 is the best path forward. Without such a fund, our retailers, theatres, restaurants, and many other industries will be decimated, and our communities will suffer.”
“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.
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Vice President, Public Relations