Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
Illustration: Eniola Odetunde/Axios
With a new coronavirus relief measure stalled in Congress, CEOs of some of the world's biggest companies have banded together to send a message to Washington: Get money to small businesses now!
Why it matters: "By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon," warns the letter, organized by Howard Schultz and signed by more than 100 CEOs.
- Signatories include the heads of Salesforce, Alphabet, Facebook, Microsoft, Walmart, McDonald's, Disney, Quibi, IBM, Merck, Marriott, the Business Roundtable, the U.S. Chamber of Commerce and more.
What's happening: The open letter to House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell and other top lawmakers obtained first by Axios lays out a recipe for a sizable small-business aid package.
What they're saying: The project, Schultz's first big public push since he suspended his run for president, calls for "federally guaranteed loans, at favorable terms, that will enable small businesses to transform and sustain themselves."
- "Businesses should have flexibility in how loan funds are used."
- "The hardest-hit businesses should be eligible for at least partial loan forgiveness."
- "Relief needs to be delivered expeditiously. Building on the existing PPP infrastructure would be one way to quickly stand up a new loan program."
- "These funds must flow to all small businesses in need, particularly those run by people of color, who have traditionally had less access to capital."
Between the lines: Neither the House's HEROES Act nor the latest version of Senate Republicans' HEALS Act include significant funding for small businesses besides the PPP extension.
The last word: "Tens of millions of Americans have already lost their jobs in this pandemic. ... 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."
- Other business leaders can still sign on. Email Howard at smallbusiness@emesproject.com.