Doug Holtz-Eakin: The COVID-19 Economy
Doug Holtz-Eakin, Former Director of the Congressional Budget Office and economy expert, sits down to explain the impact of COVID-19 on the current economy.
Beginning with the passage of CARES Act created to address the fallout, Holtz-Eakin breaks down the benefits for households including with the broadening of eligibility for certain programs as well as enhanced unemployment insurance. In addition to households, businesses are getting support from government, most notably, the airline industry. CARES Act gives big businesses about $550 billion as a backstop for loans and small businesses receiving $350 billion through the Payroll Protection Program. Holtz-Eakin argues that by helping the corporations make payroll each month is a huge benefit to the economy by providing employees with a steady check to see them through this pandemic.
The implications for small businesses are few and far between especially because if they meet certain requirements of loan usage, then their loan is forgiven at the end of a set period. This means a huge lift for the Small Business Administration.
The pandemic created a quick phenomenon and a swift economic downturn--a record number of unemployment has been filed in the past week. Action and implementation of the CARES Act is of the utmost importance.
Fiscal Policy Expert and Former White House Economist
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