August 3, 2020

In a letter to House and Senate leadership, Howard Schultz, former Starbucks CEO, and over 100 other business leaders urged Congress to come together quickly on a new coronavirus package aimed at helping struggling small businesses.

In the letter, Schultz et al., write that without additional assistance, the U.S. could see a wave of small businesses permanently closing their doors. The letter advocates in favor of “key principles to help ensure a successful recovery for America’s small businesses,” including “federally guaranteed loans, at favorable terms, that will enable small businesses to transform and sustain themselves.” The letter notes that building upon the existing infrastructure of the Paycheck Protection Program would be an ideal way to get loans to businesses quickly and also calls for increased flexibility in how loan funds are used, as well as partial loan forgiveness for the hardest-hit small businesses.

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