We wanted to highlight a recent column by Tom McGee, CEO of the International Council of Shopping Centers (ICSC), in Forbes about the continued economic dangers posed by COVID-19 and the reasons why Congress must do more to ensure the survival of storefronts across the country.
“Yet another crisis has emerged in our economy – and without equally bold and expeditious federal relief, retail stores will close permanently, businesses will falter, and the economy will teeter on the brink of collapse.
“… A recovery fund could help businesses retain and rehire employees, maintain worker benefits, and resume or continue economic activity. The Recovery Fund, which would provide the debt-free capital needed to best position businesses of all sizes and in all industries for revival and employment growth, would not pick winners and losers and would include strong anti-abuse provisions to ensure appropriate use.”
Tom is not alone in raising the alarm on the seriousness of the moment and need for more action. Also this week, Wells Fargo forecasted a permanent loss of retail demand, and Fed Chair Jerome Powell warned Congress may need to unleash additional stimulus packages to pull the country out of recession. That is why America’s Recovery Fund Coalition is pushing for a fund that will give businesses the capital they need to reopen and stay open during increased shutdowns, stay at home orders, or reopening at diminished capacity.
You can read Tom’s column here. If you would like to learn more about the Recovery Fund, the Coalition, or to speak with the members pushing to get America back on track, please don’t hesitate to email [email protected].