National Retail Federation’s push for government-backed loans to aid retailers
Matthew Shay, National Retail Federation CEO, explains how the coronavirus pandemic impacts retailers on ‘America’s Newsroom.’
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Congress must put an end to its "brinksmanship" and get emergency funding to small businesses, National Retail Federation CEO Matthew Shay urged Friday.
Appearing on "America's Newsroom" with host Ed Henry, Shay said that as long as America is closed for business, the economy will continue to drag in a "pretty big way."
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"So we want to do that as soon as we can. We want to do it thoughtfully and we want to do it after considering all of the issues related to the virus and the medical experts and the guidance they give," he noted.
"And, that was really the tone and tenor of the discussion with the president earlier this week," he added, "taking a balanced approach and ensuring that whatever we do, consumer safety, the safety of associates, the safety of the American public is the number one consideration."
Shay told Henry that while states and hospitals desperately need funding as well, the need for small businesses is immediate.
Senate Majority Leader Mitch McConnell of Ky. walks to the Senate chamber on Capitol Hill in Washington, Tuesday, March 24, 2020. (AP Photo/Patrick Semansky)
"The small businesses and their employees -- those millions of workers out there that don't have jobs at the moment -- desperately need this financial support," he stated.
"So our message to all congressional leaders would be to end the brinkmanship, come together, and certainly there are many competing priorities in terms of the need across our economy and we want to be supportive of all of those. And, that's why we continue to work with Secretary Mnuchin and the team at the White House and the president on implementing the CARES Act and the terrific relief that was provided in that act," Shay explained.
"But, it's not going to be effective if we don't continue to fund it at appropriate levels and there's no question that these small businesses and these employees need more funding from the Paycheck Protection Program," he concluded.
The Paycheck Protection Program (PPP) officially ran out of money on Thursday. Republicans have been trying to get a deal with Democrats for over a week on a new $250 billion stimulus package.
The fight over the funding will carry into next week.
At a brief pro forma session in the Senate on Thursday -- which are constitutionally mandated absent a larger adjournment agreement -- Senate Majority Leader Mitch McConnell, R-Ky., expressed his consternation.
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"It is surreal to see Democratic leaders treat support for workers and small businesses as something they need to be goaded into supporting. This should be above politics,” he said. “I hope our colleagues come around soon.”
House Speaker Nancy Pelosi, D-Calif., has told reporters she will not consider a deal unless provisions are added. The Democrats want to add in $100 billion for hospitals, $150 billion for states, and a boost in food assistance funding.
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