The International Franchise Association (IFA) President and CEO Robert Cresanti today sent the following note to IFA members regarding reports that the Paycheck Protection Program (PPP) loan program has run out of funding:
“According to the SBA and Treasury, the $350 billion in funds appropriated for the Payroll Protection Program have been exhausted. We know many of you - franchisors, franchisees and suppliers – have yet to secure funding from the PPP. Rest assured, IFA is working aggressively with the Administration and Congress to ensure additional funds are appropriated as expeditiously as possible.
“This morning, as a member of President Trump’s Task Force on Reopening the American Economy, our group had a conference call with the President that focused on the importance of getting additional funds approved for PPP as quickly as possible. Additionally, IFA joined 162 national and 92 state and local organizations to request more funds be made available immediately. Keeping franchise businesses afloat and employees connected to payrolls remains IFA’s top priority, and rest assured, we are confident additional funds will be available soon to help you, our franchise family, survive.”
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.