Senator David Perdue Pushes Relief For Retail Industry
Asks Treasury Secretary To Incentivize Businesses To Keep Employees On Payroll
ATLANTA, GA – U.S. Senator David Perdue (R-GA) is urging Treasury Secretary Steven Mnuchin to provide relief for workers and businesses in the U.S. retail industry, which has suffered as a result of the coronavirus. The Senator spent much of his 40-year career leading retail businesses and has a unique perspective on the challenges facing the industry.
In a letter, Perdue asked Mnuchin to use stabilization funds to incentivize businesses to maintain their existing payroll and provide filing and tax payment relief to retailers.
“I have grown concerned that in my conversations with many CEOs across this industry, many have expressed the need to trim payroll during the shutdown in order to conserve cash and avoid bankruptcy,” wrote Senator Perdue. “However, this action to stave off the closures of businesses will create extraordinary hardship for nearly 20 million Americans, many of whom badly need a well-paid job to help support their families through this time of need.”
“It is our responsibility to help stabilize and ameliorate the damage that we have imposed on our private sector in combating the coronavirus. Nevertheless, aid should always be a hand up, not a hand out, we cannot replicate the bailouts of the past administration,” he continued. “Stabilization funds should be targeted at industries directly affected by the coronavirus and should be used to incentivize businesses to maintain their existing payroll.”
Apparel, footwear, travel goods, and retail stores support 42 million American jobs and represent $2.6 trillion in annual GDP.
Read the full letter here.
When Senator Perdue was elected, he was the only Fortune 500 CEO in Congress. He is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Foreign Relations Committees.
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