COVID-loans

economic stimulus
Mark Schumacher
What another round of stimulus dollars means for furniture retailers

As the end of 2020 rapidly approaches, Congress has several significant pieces of legislation to address before adjourning for the year, including federal government funding, national defense policy, and most critical to Home Furnishings Association members, additional COVID-19 relief. HFA has consistently advocated and urged Congress to pass further business

Image shows a PPP logo
Doug Clark
HFA members with small PPP loans get a break

Home Furnishings Association members who borrowed $50,000 or less through the Paycheck Protection Program (PPP) received good news last week. The Small Business Administration has granted easier loan forgiveness. Those small borrowers won’t be penalized if they reduced the number of employees or trimmed payroll. HFA has asked for more.

Image shows people attending HFA's Washington Fly-in
Doug Clark
HFA pushes harder for PPP loan forgiveness

The Home Furnishings Association and more than 100 other business groups continue pushing Congress for easy PPP loan forgiveness. So is Bobby Leon, owner of HFA member Chesnick Furniture in Victoria, Texas. And he helped win over his congressman. Congress has failed to advance any new COVID recovery legislation since

Image shows a furniture showroom
Doug Clark
Give more retailers a second chance at loans, HFA asks

Furniture stores should get a second chance if the Paycheck Protection Program is extended, the Home Furnishings Association has told Senate leaders. The HFA joined other business groups in asking for improvements to the proposed Continuing Small Business Recovery and Paycheck Protection Program Act. The bill, introduced by Sen. Marco

National Capitol DC
Robert Bell
Liability protection in flux with new relief bill, analyst says

Although Republicans in the U.S. Senate, including Senate Majority Leader Mitch McConnell, insist that liability protections are a top priority in the next pandemic relief bill, Home Furnishings Association members can expect some wiggle room in that hardline stance over the coming weeks, a senior economic analyst told retailers recently.

Image shows two men
Doug Clark
HFA promotes bill to simplify PPP loan forgiveness

With COVID-19 cases rising sharply in the Galax, Va., area, Larry Blevins is working hard to make sure Guynn Furniture & Mattress Company’s three stores are operating safely. Right now, he said that’s more important than “staying behind the desk doing paperwork.” Blevins is chief financial officer for Guynn Enterprises,

Image shows a man in profile, sitting and speaking
Doug Clark
HFA panelists see strong sales as Wessel expects slow recovery

Noted economist David Wessel, speaking on a Home Furnishings Association Covid-19 Webinar July 2, forecast a slow recovery – but fellow panelists appeared to surprise him with reports of strong furniture sales now. “I think the industry as a whole, not just furnishings but the whole home category, has come

Image shows a young man wearing a hooded sweatshirt
Doug Clark
Congressmen advance HFA-supported RESTART Act

Furniture & Floors North in Houlton, Maine, secured a Paycheck Protection Program loan and has weathered the coronavirus crisis pretty well. But when Kelley Fitzpatrick received a call from her congressman’s office asking about a proposed new federal lending program, she didn’t think only about her own business. “It’s probably

Image shows a man in a suit with a microphone
Doug Clark
Businesses get another chance at PPP loans

Congress really wants small businesses to keep borrowing through the Paycheck Protection Program. By unanimous consent Tuesday, the Senate agreed to a measure introduced by Sen. Ben Cardin (D-Md.) extending the popular lending program to Aug. 8. Late this afternoon, the House of Representatives took similar action. The PPP hit

Image shows a bank
Doug Clark
PPP loan deadline nears

Anecdotally, it seems that almost every member of the Home Furnishings Association tapped into the Paycheck Protection Program. For any qualifying furniture retailers that didn’t, it’s not quite too late. The deadline for applying to the small business lending program ends June 30. If you want to apply, you should

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