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US business groups demand economic stabilisation efforts amidst COVID-19

The CFDA and 90 business groups including the National Retail Federation, Accessories Council, and Fashion Footwear Association of New York have brought their concerns to the White House, sending a letter to President Trump calling for economic stabilisation efforts amidst the Coronavirus pandemic.

The letter commends the administration and Congress for their public health efforts and actions to minimize the economic fallout caused by the spread of the virus. It goes on, however, to state: The economic harm from social distancing and mandatory store closures will surely be followed by layoffs and economic hardships. The biggest single issue facing the industry right now is liquidity, and federal stimulus efforts must be swift and flexible enough to address the urgent need for access to credit to keep these businesses afloat.

The letter concludes by encouraging policymakers to develop proposals that support the retail workforce and to provide a “bridge” for retail businesses of all sizes to stay viable during the crisis.