WASHINGTON, DECEMBER 21 – The International Franchise Association (IFA) today released the following statement in support of the COVID-19 relief deal announced by Congressional leadership:
“This relief package provides important and much-needed help for America’s franchise small businesses and their employees. The proposal makes additional funding available for small businesses in the hugely successful Paycheck Protection Program, while ensuring tax deductibility of PPP expenses and streamlining forgiveness for some businesses – all hugely important for franchises struggling to stay afloat,” said Robert Cresanti, IFA President and CEO.
“IFA research shows that, without Congressional action, 36,000 franchise small businesses will close this winter. Enacting this bill will be a lifeline for these small businesses and their employees – Congress should pass it as soon as possible.”
IFA represents America’s 733,000 franchise businesses, who together employ nearly 8 million Americans. More than 75 percent of franchises 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.