The economic downturn brought on by the coronavirus pandemic has officially been declared a recession, but National Retail Federation Chief Economist Jack Kleinhenz said today the key question is how long it will last.
The National Retail Federation has welcomed a ruling by the U.K. Supreme Court claiming the way Visa and MasterCard set “swipe” fees charged to merchants to process credit card transactions is a violation of European Union antitrust laws.
The National Retail Federation welcomed the recent U.S. Supreme Court ruling in favor of the Deferred Action for Childhood Arrivals program.
While the reopening of businesses shut down by the coronavirus pandemic is a significant step forward, it is too soon to say how quickly or smoothly the nation’s economy will recover, National Retail Federation Chief Economist Jack Kleinhenz said in a statement.
The National Retail Federation applauds a House action on legislation that would give employers more time and flexibility to use Paycheck Protection Program money aimed at helping small businesses survive the coronavirus pandemic.
The National Retail Federation recently welcomed the introduction of the Pandemic Risk Insurance Act, which would establish a federal program to help businesses obtain insurance coverage for pandemics modeled on a system for terrorism insurance established following 9/11.
Under the Senate bill, businesses would be given 16 weeks to spend funds from the program and still have the Small Business Administration loans forgiven.
The National Retail Federation this week asked a federal appeals court to overturn a recently passed California worker classification law, saying the measure makes it harder for companies to contract with independent truck drivers.
With some stores starting to reopen as governors lift stay-at-home orders across the country, economic recovery from the coronavirus pandemic is likely to come gradually and may vary by location, National Retail Federation Chief Economist Jack Kleinhenz said.
National Retail Federation CEO Matthew Shay says access to financial relief should be available to businesses of all sizes as pandemic continues to hit retail hard.