CARE: Industry calls to get PE-backed firms access to the $350 billion Paycheck Protection Program, part of the CARES Act, appear to be falling on deaf ears. Bloomberg reports that Senate majority leader Mitch McConnell was looking to get additional funding for the CARES Act on Thursday, but without expanding the program’s rules. The calls are only getting louder, but with Republicans wanting to get the bill through with as little pushback from Democrats as possible, it appears unlikely any concessions to the industry will be made.
On that note: The Association for Corporate Growth conducted a survey suggesting that up to 5 million US jobs across the middle market could be at risk if private equity-backed businesses remain excluded from the Payment Protection Program. More than 90 percent of respondents whose clients have thus far been excluded from the PPP said that they expected layoffs, and 85 percent expected those to begin within the next month. Speaking to Private Funds CFO last week, ACG CEO Thomas Bohn warned that, despite being “very durable,” PE-backed companies would likely see job losses if they continued to be shut out from the scheme.
Survey: Our colleagues over in the conferences division are working away at the agenda for the inaugural CFOs & COOs Forum West on September 22-23 at the Market Hotel in San Francisco. They’d love your input, via this survey, so that you can get the most out of the event.