CEOs Warn Congress of Small Business Failures Without More Aid

A group of U.S. corporate leaders led by Starbucks Corp.’s former head, Howard Schultz, pressed lawmakers for additional, longer-term support for small businesses, including federally guaranteed loans that could be turned into grants, at least partially, for those hardest-hit by the pandemic.

“By Labor Day, we forsee a wave of permanent closures if the right steps are not taken soon,” Schultz said in a letter to Congress signed by almost 100 leaders, including the chief executive officers of Walt Disney Co., Merck & Co., Alphabet Inc. and Walmart Inc.

Howard Schultz

Photographer: Alex Wroblewski/Bloomberg

The Paycheck Protection Program, the centerpiece of federal aid ...