WASHINGTON, APRIL 22 – The International Franchise Association (IFA) today called on Congress to approve an additional $321 billion in Paycheck Protection Program (PPP) loans.
The additional funding comes after news that 89% of franchise owners have not yet received PPP funding.
“This new funding should help those who need it most – small businesses and their employees,” said Matt Haller, IFA Senior Vice President of Government Relations and Public Affairs. “75% percent of franchise owners employ fewer than 20 people, and 89% of franchise owners have not received funding.”
“It’s also likely that this second round of funding won’t be enough to satisfy small business needs. IFA hopes that companies with access to other funding options refrain from using the PPP to preserve it for the small businesses, franchise or otherwise, who need it most.”
In a survey released yesterday, IFA found that 89% of franchise owners had not received PPP funding. Additionally, 95% of franchise owners have not received Economic Injury Disaster Loan funding.
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.