"The government is making great progress ... but there is more to be done."NRF President and CEO Matthew Shay
WASHINGTON – The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to announcements made today by the Federal Reserve and the Treasury Department on efforts to help businesses with liquidity issues during the coronavirus pandemic:
“As part of the next round of liquidity support for U.S. businesses, today’s release by the Federal Reserve Bank of new term sheets is a welcome development. By strengthening the efficiency of the Paycheck Protection Program and clarifying terms to speed relief to small and mid-market businesses through the Mainstreet Lending Program, the government is making great progress toward quick action with both clarity and guidance.
“We also appreciate Treasury Secretary Mnuchin’s comments today related to continued discussions with Federal Reserve Chairman Powell on how the two agencies can continue to help larger businesses that collectively employ millions of Americans with greater liquidity and a bridge to the other side of this pandemic.
“But there is more to be done. We continue to press our case with the White House asking for deferred payment of duties on imported goods until the economy is on a stronger footing. And just today, on behalf of leading retailers across the country, we sent a letter to Congress outlining a number of recommendations that would help improve the effectiveness and impact of the CARES Act. From expanding eligibility to small businesses with multiple locations to increasing funding for Economic Injury Disaster Loans by $50 billion, we know that more can be done to provide certainty for the retail industry and the 52 million American jobs that depend on its health.
“We appreciate the speed by which our elected leadership is addressing critical needs. We will continue to work with them in an effort to ensure the vitality of the industry, the safety of its workers and the health of its customers.”
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.