More than 100 current and former chief executives called for more aid to small businesses in the United States in a letter sent to Treasury Secretary Steven Mnuchin on Monday.
The letter was organized by the former Starbucks chief Howard Schultz with the support of Senator Michael Bennet, Democrat of Colorado, and Senator Todd Young, Republican of Indiana. It is signed by the likes of Walmart’s Doug McMillon, Alphabet’s Sundar Pichai and Disney’s Bob Chapek.
The letter states:
“We cannot stress enough the urgent need to act. Every day that passes without a comprehensive recovery program makes recovery more difficult. By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon. Tens of millions of Americans have already lost their jobs in this pandemic. 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.”
The chief executives call for “federally guaranteed loans, at favorable terms, that will enable small businesses to transform and sustain themselves through 2020 and well into 2021.”