By Dana Sanchez
CEOs of some of the world’s largest companies have written a letter to top congressional leaders of both parties in the House and Senate, warning lawmakers to bail out small businesses now or risk permanent closures by Labor Day with a catastrophic domino effect.
Legislation should include federally guaranteed loans and “These funds must flow to all small businesses in need, particularly those run by people of color, who have traditionally had less access to capital,” the letter warned.
Organized by Starbucks Chairman emeritus Howard Schultz, the letter was signed by more than 100 current and former CEOs including:
- Magic Johnson, CEO of Magic Johnson Enterprises
- Kenneth I. Chenault, former chairman and CEO of American Express
- Kenneth C. Frazier, chairman and CEO of Merck & Co.
- Steve Case, chairman and CEO of Revolution
- Sheryl Sandberg, chief operating officer of Facebook
- Satya Nadella, CEO of Microsoft
- Doug McMillon, CEO of Walmart
- Thomas Donahue, CEO of U.S. Chamber of Commerce
- Business Roundtable