A new federal loan program created to help companies during the pandemic might not be available to some retailers, including Macy's and Gap, because their debt isn't considered safe by credit rating agencies. "In cases where the eligibility criteria is too narrow for some of America's best-recognized companies, we ask that your respective agencies exercise discretion to make these programs more widely available," NRF President and CEO Matthew Shay wrote in a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell.
NRF urges Fed to widen criteria for crisis loan approval
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