Nearly 100 current and former CEOs of companies both large and small sent a letter to congressional leaders Monday pressing them for additional, longer-term support for small businesses.
The letter, which included signatures from several healthcare organizations, specifically presses for the inclusion of federally guaranteed loans that could be turned into grants, at least partially, for those hardest-hit by the pandemic, in the next coronavirus relief bill.
The executives, led by Starbucks Corp.’s former head, Howard Schultz, acknowledged the success of the Paycheck Protection Program in providing short-term relief, but he noted that many small firms will need help to sustain themselves through this year and well into next year.
“Small-business owners are facing a future of potential financial ruin that will make the nation’s current economic downturn last years longer than it must,” the letter said. “We cannot stress enough the urgent need to act.”
