IFA has urged Congress to expand and extend programs to provide franchise businesses with increased avenues to access capital, especially during the COVID-19 pandemic.
While the COVID-19 pandemic shuttered thousands of franchise businesses, the IFA urged Congress to expand and extend programs to provide franchise businesses with increased avenues to access capital. IFA worked tirelessly to ensure maximum relief and franchise eligibility under government relief programs such as, the Paycheck Protection Program, Economic Injury Disaster Loans, Restaurant Revitalization Fund, Employment Retention Tax Credits, and PPP Deductibility.
While the pandemic was devastating for franchise business owners and employees around the country, the IFA predicts that nearly all of the economic damage created by the COVID-19 pandemic could be erased in 2021. Specifically, franchising is projected to open more than 26,000 locations, add nearly 800,000 new jobs, and contribute $477 billion to the U.S. GDP. You can read that report here.
IFA will continue advocating for franchise relief as the country seeks to rebuild from the COVID-19 pandemic.