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This week America’s Recovery Fund Coalition (of which ICSC is a founding member) released a new analysis that paints a troubling picture for the American economy. Businesses with fewer than 500 employees are facing an estimated $500 billion to $1.6 trillion in damages incurred over the last two months. At this time, over 2 million businesses are at risk of going out of business immediately. These findings demonstrate a dire need for more aggressive fiscal support from Congress now.
“Our report distills the precise problem with PPP and PPP-like proposals – small business payrolls totaled just 20% of small business receipts in 2017 and generally, represent between 30–40% of total business expenses,” said Trevor Hanger, research director for ARFC. “Proposals that aim to keep businesses open, and the economy running, cannot focus on payroll. They have to focus on giving businesses the capital to reopen – many at reduced capacity – to weather the uncertainty of the coming weeks. Payroll support doesn’t work if a business is no longer open.”
America’s Recovery Fund would give businesses certainty, providing grants to fill the gaps between expenses and revenue, using a simple, easy to use application that would address the administrative issues associated with PPP. It would be available across many industries, creating a fund that helps restaurants, retail, gyms, salons, and many others, immediately.
“Our findings show that 2 million small businesses could be at immediate risk of closing without help. We do not have time for an industry-by-industry approach,” Hanger said. “We need big, bold ideas that meet these unprecedented challenges head on, and quickly, injecting cash into the economy and giving businesses a lifeline so they can rehire and keep staff, change inventory, create new spaces to adhere to social distancing, and figure out how they are going to stay in business for the long-run. We need America’s Recovery Fund.”
The analysis examines payroll costs for businesses with fewer than 500 employees, estimated business overhead, PPP capital support, and short-term reserves of cash, inventory, and marketable securities.