At $2 trillion, it’s the largest aid deal in U.S. history. Here is what it would mean for the fashion industry.
today, the Senate moved towards a vote on the coronavirus rescue package. At $2 trillion, it’s the largest aid deal in U.S. history, and would send direct payments to taxpayers, authorize loans to businesses, and provide relief to hospitals reeling from the COVID-19 pandemic. The House of Representatives could hold its own vote as early as tomorrow, after which it will go to President Trump to be signed.
Over the weekend, 90 fashion and retail industry organizations, uncertain of how long the large and small companies they represent can stay in business and whether or not they can continue to pay their employees, sent a, requesting a “swift and flexible stimulus effort to address the urgent need for access to credit to keep these businesses afloat.” So, what does the deal mean for them?
The aid package creates a $425 billion fund for loans for distressed businesses controlled by the Federal Reserve. Companies that receive loans cannot buy back their stock while they’re receiving assistance and for one year after. Smaller fashion businesses that pledge not to lay off their employees can apply for and receive emergency loans through June 30. If the employer continues to pay employees through the end of the crisis, the loans will be forgiven.
Some are already saying that the deal, large as it is at $2 trillion, is insufficient; indeed, it may only last several months. On CNN todaywas asked what she thinks of the stimulus package, and if it’s enough for the retail industry. Her response was chilling: “Quite honestly, I don’t know yet, but every minute that passes, people are talking about laying off 50 to 80% percent of their workforce, if not going bankrupt.
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