Washington, D.C. — National Retail Federation (NRF) CEO and president Matthew Shay issued a statement saying the organization is pleased with the measures the Federal Reserve Bank and Treasury Department have taken to help businesses that are short on liquidity due to the coronavirus (COVID-19) pandemic.
On April 9, the Federal Reserve, along with Secretary of Treasury Steve Mnuchin, said it will finance up to $2.3 trillion to aid small- and mid-size businesses that are struggling due to the pandemic. The Fed said $600 billion will go toward buying the loans of the businesses and $500 billion will buy state municipal bonds.
“As part of the next round of liquidity support for U.S. businesses, (Thursday’s) release by the Federal Reserve Bank of new term sheets is a welcome development,” said Shay. “By strengthening the efficiency of the Paycheck Protection Program (PPP) 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.”
While Shay commends the government for its timely response to the pandemic, he says there is still work to be done to continue helping retailers, mainly when it comes to tariffs.
“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,” said Shay. “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.”
Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.