WASHINGTON, D.C., AUGUST 3 — The International Franchise Association today announced a week-long advertising campaign highlighting changes needed in the Paycheck Protection Program and 7(a) loan programs that are vital to helping small businesses and their millions of employees. The five-figure digital buy features placements on social media and news sites across Washington.
“America’s 733,000 franchise small businesses aren’t out of the woods yet. Widespread closures and limited-capacity operations make staying in business a challenge,” said Matt Haller, IFA Senior Vice President of Government Relations and Public Affairs. “Congress has a chance to save these struggling small businesses. We hope they will.”
The IFA ad is linked here.
The changes IFA supports include:
- Lowering revenue decline thresholds for a second PPP loan and recovery program 7(a) loans to less than 50%
- Shortening the measurement period for PPP and 7(a) loans by adjusting from 3 months to 8 weeks
- Continuing SBA’s efforts to help 7(a) borrowers with principal and interest payments
- Increasing loan amounts up to $10 million
- Increasing guaranty for 7(a) loans
- Removing 7(a)’s existing collateral and working capital requirements
- Waiving SBA fees for customers and lenders
America’s 733,000 franchise businesses employ roughly 8 million American workers. 75% of franchise businesses have fewer than twenty employees.
Celebrating 60 years of excellence, education, and advocacy, the International Franchise Association is the world's oldest and largest organization representing franchising worldwide. IFA works through its government relations and public policy, media relations and educational programs to protect, enhance and promote franchising and the more than 733,000 franchise establishments that support nearly 8.4 million direct jobs, $787.5 billion of economic output for the U.S. economy and 3 percent of the Gross Domestic Product (GDP). IFA members include franchise companies in over 300 different business format categories, individual franchisees, and companies that support the industry in marketing, law, technology, and business development.