The International Franchise Association (IFA) is asking congressional leadership for the creation of a $300 billion fund to provide liquidity to franchises struggling through the coronavirus pandemic.
Up to 393,000 franchise jobs could be lost from a 90-day shutdown, the IFA warned. The U.S. franchising community is comprised of more than 733,000 establishments that employ over 7 million individuals and contribute $674.4 billion to the U.S. economy.
The IFA also found that approximately 20,000 to 30,000 franchise businesses will lose liquidity in the next 45 days if immediate relief is not provided.
It is calling for the creation of a Treasury Department-administered Small Business Workforce Stabilization Fund and Small Business Stabilization Account to provide immediate support to employers that keep employees on payroll and streamlined access to capital so businesses can grow when the epidemic passes.
“IFA members include franchise companies in over 300 different business format categories, from hotels to restaurants, hair salons to in-home health […]