More than 100 current and former top executives at major U.S. companies called on Congress Monday (Aug. 4, 2020) to pass long-term relief to ensure small businesses survive the coronavirus pandemic.

In a letter to congressional leaders of both parties, the CEOs warned of significant consequences to the economy if Congress doesn’t immediately act to save small businesses.

“By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon,” they wrote. “Allowing small businesses to fail will turn temporary job losses into permanent ones. By year-end, the domino effect of lost jobs — as well as the lost services and lost products that small businesses provide — could be catastrophic.”

Their bill would extend the period for the hardest-hit businesses whose revenues have declined by at least 25 percent to use their paycheck protection funds and meet requirements for loan forgiveness.

In the letter, the CEOs said that legislation should include federally guaranteed loans “that will enable small businesses to transform and sustain themselves through 2020 and well into 2021.”

The company executives said an extension of the Paycheck Protection Program would be helpful, but more significant and sustained support is needed. They call for federally guaranteed loans, at favorable terms, that will enable small businesses to transform and sustain themselves; flexibility in how loan funds are used; partial loan forgiveness; and more.

“By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon,” the letter reads. “Allowing small businesses to fail will turn temporary job losses into permanent ones. By year end, the domino effect of lost jobs — as well as the lost services and lost products that small businesses provide — could be catastrophic.”