Dozens of corporate leaders led by Starbucks founder Howard Schultz are pleading with Congress to provide more support for America’s small businesses.
In a letter to top lawmakers Monday, Schultz and his co-signers said most small businesses lack the cash to survive the current slowdown, which could last for many more months. The group called for a variety of new programs, including flexible, guaranteed loans; a loan forgiveness program; and special assistance for minority-owned businesses.
“We cannot stress enough the urgent need to act,” the letter said. “Every day that passes without a comprehensive recovery program makes recovery more difficult. By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon. ... By year end, the domino effect of lost jobs—as well as the lost services and lost products that small businesses provide—could be catastrophic.”