Roundtable and Coalition Urge the Administration and Congress for Additional Assistance with Economic Recovery due to COVID-19
March 30, 2020
On March 31, The Roundtable along with 35 organizations wrote to President Donald J. Trump, Secretary of the Treasury Steven T. Mnuchin, U.S. Senate Majority Leader Mitch McConnell, U.S. Senate Democratic Leader Charles Schumer, U.S. House Speaker Nancy Pelosi, U.S. House Republican Leader Kevin McCarthy commending them for the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
In response to calls for help from businesses across the country, the letter requests that Congress advance a proposal to further assist with economic recovery and mitigate a larger financial crisis resulting from widespread disruption of economic activity.
The coalition believes this framework outlined below can assist all impacted businesses regardless of size, industry, or location. The COVID-19 Business and Employee Continuity and Recovery Fund (“Recovery Fund”) would be funded by the federal government and under the authority of a special federal administrator with the ability to enter into contracts with interested businesses to administer the Recovery Fund and facilitate the distribution of federal funds and liquidity to impacted businesses and their employees. The requested relief would be designed to help businesses retain and rehire employees, maintain worker benefits, and meet operating expense obligations. Strong anti-abuse provisions, including audits and Special Inspector General oversight, would be included.
We urge the Administration and Congress to continue to think broadly and holistically to address the catastrophic emergency that has caused these unprecedented economic challenges. We believe the establishment of the Recovery Fund is necessary to supplement the efforts to expand lending in the CARES Act.