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Retailers Call Additional Funding for Small Business Loans 'Important Step On the Path to Recovery'

The National Retail Federation welcomed House action on legislation to increase funding for loans to small businesses during the coronavirus pandemic.

“There are many small retailers that won’t be in business by the time the economy reopens if these loans dry up,” NRF President and CEO Matthew Shay said. “This funding will let them keep their workers on the payroll and help the economy avoid the ripple effects that will come if additional businesses cease to operate and more people lose their jobs. This is an important step on the path to recovery not just for these businesses but...

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Apr 27 8:23 AM, General News



NCBA Delivers "Paycheck Protection Program Increase Act" for Cattle Producers and Small Business

National Cattlemen’s Beef Association Vice President, Government Affairs, Ethan Lane issued the following statement in response to U.S. Senate passage of additional legislation, the Paycheck Protection Program Increase Act of 2020, to provide relief in the wake of the COVID-19 pandemic:

“We applaud the Senate for advancing this critical replenishment of funding to programs like Paycheck Protection Program (PPP), and we are pleased to see the reaffirmation of Congress’s intent that cattle producers be granted access to the Economic Injury Disaster Loan (EIDL) program administered by the Small Business Administration.

"We urge the House of Representatives to move swiftly to approve this package and deliver these funds to producers across the country who are continuing to...

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Apr 23 8:18 AM, General News


Retailers Welcome Legislation to Expand Small Business Pandemic Loans

The National Retail Federation welcomed a nearly $500 billion package set for a vote in the Senate that would increase funding for loans to small businesses and provide other economic aid during the coronavirus pandemic.

“Retailers continue to deal with catastrophic hardships from COVID-19 and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step but funding for the Paycheck Protection Program has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge. This assistance is too important to be given out on a first-come, first-served basis and limited to those who were the quickest to file their applications. This measure will ensure...

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Apr 23 8:17 AM, General News


Burger Chain Shake Shack to Return $10 Million Government Loan

Shake Shack Inc said it will return the small business loan it received from the U.S. government, making it the first major firm to hand back money provided to help businesses ride out the impact of the coronavirus lockdown.

The company will immediately return the entire $10 million U.S. Small Business Administration (SBA) loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post on Monday.

Last week, it raised about $150 million in an equity offering.

SBA, which is a key part of the government's $2.2 trillion aid package, is aimed at helping small companies...

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Apr 20 9:04 AM, Urner Barry




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