The letter, spearheaded by Howard Schultz, chairman emeritus of Starbucks, was also signed by Facebook COO Sheryl Sandberg and Microsoft CEO Satya Nadella.
WASHINGTON — More than 100 current and former top executives at major U.S. companies are calling on Congress to pass long-term relief for small businesses to ensure they survive the coronavirus pandemic.
"By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon," they wrote."Allowing small businesses to fail will turn temporary job losses into permanent ones. 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."
In addition to pushing for another round of short-term relief through the Paycheck Protection Program, they called on lawmakers to pass legislation similar to a measure proposed by Sens. Michael Bennet, D-Co., and Todd Young, R-Ind. Their bill would extend the period for the hardest-hit businesses that have seen their revenues decline by at least 25 percent to use their PPP funds and meet requirements for loan forgiveness.
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