While many in the United States are beginning to receive vaccinations and people are starting to foresee a life after COVID-19, it remains clear that things aren’t yet back to normal. As a result, there has been a great deal of speculation about Congress putting forward an economic stimulus, covering the needs of both individuals and businesses.
While some businesses are opening in a limited capacity, it doesn’t make ends meet for both small businesses who have been forced to close for extended periods, nor their employees, who are about to see the end of another wave of enhanced federal unemployment benefits. That aid is set to expire on March 14, a date that is expected by some to serve as an overall deadline for economic assistance.1
There has been a great deal of speculation about what such economic assistance might contain. Some reports focus on the proposed $1,400 checks for Americans, others a proposed effort to increase the minimum wage to $15.00 per hour. While such programs may be possible through budget reconciliation, which would only require a simple majority in the Senate to pass, there is some debate as to how much of an appetite Senators have for such a wide-ranging proposal. All that remains certain is that, for many Americans, whether they run businesses or work for them, the need appears to be significant.1
This wave of economic stimulus may prove to be a much-needed shot in the arm of another kind, so to speak. You may have concerns about the upcoming stimulus, and further developments that come to light as the final legislation approaches. As always, we welcome your questions and concerns and look forward to an update on how you are dealing with these challenging times.
1. CNBC.com, February 8, 2021
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