Is there a better way to save the U.S. economy and head off rampant unemployment amid the coronavirus pandemic?
deploys a patchwork of aid programs including $1,200 stimulus checks, enhanced unemployment benefits and federally-backed, forgivable loans for small businesses to pay workers and other expenses even while they’re shuttered.
Some worker advocates and lawmakers, like Sen. Josh Hawley, R-Mo., are still calling for Congress to provide wage subsidies to pay workers and minimize job losses, especially if the crisis persists into the summer or beyond. “You have no clarity on whether this will last three, four, five or 10 months,” he says. Plus, he says, sales could be significantly reduced even after businesses reopen . “Maybe I don’t need to rehire as many people.”
“We don’t want to get into a situation where we’re paying our staff and then we have to lay them off again because we’re still not open” if the widespread closures of restaurants, stores and other businesses lasts more than two months. That could leave her on the hook for the remainder of the loan. She’s also concerned about the program’s requirement that loans be repaid within two years.
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