(WASHINGTON, MARCH 10) – The International Franchise Association (IFA) today released the following statement on the passage of the American Relief Plan COVID-19 relief legislation, which was today sent to President Joseph R. Biden for his signature:
“IFA appreciates President Biden’s focus on increasing vaccinations, putting direct payments in the pocketbooks of Americans who need them most, supporting child care providers, extending the Employee Retention Tax Credit, and establishing a restaurant grant program that recognizes eligibility for small franchises. We are also pleased that this legislation does not include a previous proposal to more than double the federal minimum wage, which IFA has long opposed,” said Matt Haller, IFA Senior Vice President of Government Relations and Public Affairs.
“Full recovery requires both a healthcare response and an economic response. The franchise sector alone is poised to add 800,000 new jobs this year if those conditions are met. It’s clear that additional small business relief will be needed, including an extension of the Paycheck Protection Program and other sector-specific relief for industries like hospitality and fitness, to ensure that full recovery. IFA stands ready to work with the Administration and Congress to deliver a long-term solution.”
A recently-released economic impact forecast projects that with an appropriate government response, the franchise sector is this year poised to add more than 26,000 new locations and nearly 800,000 new jobs, largely erasing the industry’s losses during the pandemic. Notably, much of this will be in the retail, food, and services industries and will be for lower-skilled workers, a group that has been disproportionately hurt by the economic downturn.
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 7.6 million direct jobs, $674.3 billion of economic output for the U.S. economy, and 2.5 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.