IHFRA ASKS GOVERNMENT FOR SHOT AT PPP FUNDS FOR INDUSTRY REPS
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HIGH POINT, N.C. -- The IHFRA (Independent Home Furnishings Representatives Association) has sent a letter to Vice President Mike Pence asking for access to Payment Protection Program (PPP) funds for its 1,500 industry rep members.
The letter notes that, "This pandemic, which has turned the global economy upside down, has also brought the home furnishings sector, a $114 billion-dollar segment, to a screeching halt. Our members, who truly embody the best characteristics of 'small business' have been devastated.
"With their customers -- furniture stores -- deemed to be non-essential businesses, and their suppliers-- furniture manufacturers and distributors being sidelined--self-employed independent furniture sales professionals find themselves being financially suffocated as a result.
"When the news of the Payment Protection Program (PPP) was announced, our members believed there might be that proverbial light at the end of the tunnel.
"However, within days, two things became abundantly clear -- The $349 billion earmarked to help 'small businesses' was gone, and that the lion's share of that money had been gobbled up by at least 17 companies with more than 500 employees -- the threshold for PPP eligibility."