Association Blog

Hundreds of lenders — from national institutions to small-town banks — are preparing for a deluge from small businesses this week seeking financial help from the coronavirus economic fallout. The $2 trillion CARES Act signed into law Friday by President Trump includes $349 billion for a federal small business loan initiative called the Paycheck Protection Program. The program is designed to get cash into the hands of HFA members and other small business owners quickly, with less red tape than the SBA’s existing loan programs. The Home Furnishings Association’s Washington representative Chris Andresen said the purpose of the loans is

Many furniture retailers and other businesses must provide their employees with paid sick leave and family leave under some circumstances, according to the Families First Coronavirus Response Act. The new law, which takes effect April 1, covers businesses with fewer than 500 employees. Businesses with fewer than 50 employees can be exempted from some of the requirements if compliance would jeopardize the viability of their business, according to U.S. Department of Labor guidelines. The law expires Dec. 31. To help employers cover the cost of this benefit, the FFCRA allowed a dollar-for-dollar refundable payroll tax credit. The Home Furnishings Association

On Friday, Home Furnishings Association Executive Vice President Mark Schumacher, HFA government relations liaison Doug Clark and Washington lobbyist Chris Andresen held a webinar with more than 400 HFA members to discuss the $2 trillion bipartisan financial-rescue package signed by President Trump. Members were particularly interested in the $350 billion-plus in relief for small-company operators like furniture store owners whose sales have plunged or whose businesses have been ordered closed. Many businesses could fail if the widespread disruptions to the economy persist for more than a month. Here are the questions HFA members asked and Andresen’s responses. (Note: responses might

“The Home Furnishings Association and its 1,400 retail members across the country welcome the $2 trillion relief package from Washington,” President Jesus Capo and CEO Sharron Bradley said in a statement. “The small and larger businesses in our association want to protect their employees, serve their customers and support their communities. They applaud the financial help aimed at strengthening their hospitals, public health departments and local governments. Keeping our heroic medical workers and communities safe should be the first and greatest priority. “Our members are glad for immediate help in paying for employees’ medical and family leave. They are happy

For Alex Wright, the hardest part of social distancing is not visiting his grandparents, Cedric and Ruth Wright. Cedric and Ruth were third-generation owners of Wright’s Furniture and Flooring in Dieterich, Ill., before retiring and passing the business to sons Tom and John. Alex is Tom’s son. Wright’s was celebrating its 130th anniversary a few weeks ago and “on pace for our best year yet,” Alex said, until everything came to a “grinding halt.” The state of Illinois ordered “non-essential” businesses to close until April 7. Wright’s, which also has stores in Robinson and Taylorville, Ill., hasn’t entirely shut down.