Retailers Await Details on Stabilization Fund

Retail Industry Leaders Association (RILA) Senior Vice President of Government Affairs Austen Jensen issued the following statement as federal policymakers look to establish economic relief measures for businesses during the COVID-19 crisis.

“Treasury Secretary Mnuchin and Federal Reserve Chairman Powell are taking extraordinary steps with the establishment of a Main Street Business Lending Program and a Municipal Liquidity Facility to support the flow of credit to American workers, businesses, states, counties, and cities impacted by the coronavirus pandemic. These programs, along with expansion of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) to purchase eligible corporate debt will help ensure additional liquidity remains in the market.”

“Leading retailers are anxious to see next steps on how the Federal Reserve and Treasury will implement the remaining provisions of the CARES Act, specifically the stabilization fund. The stabilization fund is the key component for most large retailers, as it is vital to providing the liquidity they will need to re-open stores, and most importantly, put millions of American workers back on the payroll.”
 

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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.

RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.

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