In Washington DC today, the Senate moved towards a vote on the coronavirus rescue package. At 2 dollar trillion, it is the largest aid deal in U.S. history, and would send direct payments to taxpayers, authorize loans to businesses, and provide relief to hospitals reeling from the COVID19 pandemic.
Over the weekend, 90 fashion and retail industry organizations, uncertain of how long the large and small companies they represent can stay in business and whether or not they can continue to pay their employees, sent a letter to the White House, requesting a swift and flexible stimulus effort to address the urgent need for access to credit to keep these businesses afloat .So, what does the deal mean for them,
Some are already saying that the deal, large as it is at 2 dollar trillion, is insufficient; indeed, it may only last several months. On CNN today Tory Burch was asked what she thinks of the stimulus package, and if it is enough for the retail industry. Her response was chilling,Quite honestly, I do not know yet, but every minute that passes, people are talking about laying off 50 to 80 percent of their workforce, if not going bankrupt. She went on, The stakes are huge and we need to be talked about similarly to the way airlines and hospitality are talked out. Our sector is millions and millions of jobs,This is not partisan. We are talking about American people and we as leaders need to keep American people in the workforce.