Merchants’ CEO Andy Mercier Asks for Support of Federal Request from the Independent Restaurant Coalition
I hope this finds you healthy and navigating the Coronavirus crisis one step at a time. I’m writing today to ask you to consider signing the open letter to our leaders in Congress in the link below.
I applaud the federal government for moving quickly, boldly, and decisively to blunt the economic blow being caused by the pandemic through the CARES act. However, certain provisions of CARES’ signature small business relief program – PPP – risk rendering it ineffective in saving hundreds of thousands of hospitality businesses which employ 17MM people across the nation. PPP ties economic benefit received to the amount a business spends on payroll in the 8 weeks after receiving funds. The problem is that during that 8 week time frame, most of the hospitality industry is likely to be under State or City-mandated shutdown or be heavily impacted by social distancing (learned or mandated). As such, despite the audacity of PPP – it will fail to provide meaningful relief to an industry that is a critical engine in our economy.
I urge you to read and add your signature to the letter below. $2.2T of your tax dollars have already been spent – let’s make sure they have the intended effect of propping up the millions of small businesses that employ half the country’s workforce during this unprecedented time.