Chamber chairman says rescue plan will help get economy back on track
A $2.2 trillion coronavirus aid plan is scheduled for a House vote today and President Donald Trump’s immediate signature.
The bill would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.
Putnam County Chamber of Commerce Chairman Charlie Douglas said Thursday the congressional aid package is going to be important for getting the economy back on track locally and nationally. He said the immediate checks to individuals will help ensure families can have basic necessities amid virus concerns.
“We’ve seen historic gains in the market and then out of nowhere this pandemic arrives at our doorstep and has profoundly impacted jobs here and throughout the country,” Douglas said. “The quicker we’re able to bounce back, the less of an impact we will see on the economy overall.
“I’m grateful to see the bipartisan support to help individuals and corporations to bridge the gap and come out of this as quickly as we can.”
The Senate passed the mammoth economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic, an unprecedented response amid record new jobless claims and mounting evidence that the economy is in a recession.
The unanimous Senate vote late Wednesday came despite misgivings on both sides about whether it goes too far or not far enough and capped days of difficult negotiations as Washington confronted a national challenge unlike it has ever faced.
Douglas, meanwhile, said he remains optimistic about Putnam County’s economy, which had made strides forward in recent years through business investments and revitalization efforts.
“I believe Putnam County is uniquely positioned because of the diversity we have in our economy,” Douglas said. “I believe with everybody working together and supporting fellow businesses, we will rebound in a short period of time.
“It’s important to the chamber that we support our local businesses. The chamber is looking forward to helping businesses getting the full benefit of what’s available and take full advantage of it.”
The chamber sent out information to members regarding the economic package Thursday, including:
• The U.S. Chamber has put together a Resource for Business on its website, usachamber.com/coronavirus.
• For those whose employment has been negatively impacted as a result of efforts in Florida to stop the spread of COVID-19 may be eligible to receive re-employment assistance. Visit floridajobs.org for more information from the Florida Development of Economic Opportunity.
• The Small Business Administration is updating its disaster loans application. More information can be found at sba.gov/disaster-assistance/coronavirus-covid-19.
“Long term, the package will help with unemployment protections and the ability for businesses to take advantage of loans will in combination help get the economy back on the right track, where we saw it was just a month ago,” Douglas said. “It’s incredible how this has affected the economy.”
Thursday brought grim economic news as the government reported 3.3 million new weekly unemployment claims, four times the previous record, fresh evidence that the U.S. is sinking into recession as coronavirus isolation steps have led to business closures.
Federal Reserve Chairman Jerome Powell said in a televised interview that the economy “may well be in a recession.”
House Speaker Nancy Pelosi, D-Calif., swung behind the bipartisan agreement, saying it “takes us a long way down the road in meeting the needs of the American people.”
The Associated Press contributed to this report.