Good morning,
The morning after Election Day, one thing that is for sure is that a potential federal stimulus package for small businesses struggling in the Covid-19 pandemic is still hanging in the balance. Both candidates have expressed support for another round of stimulus, and the electoral outcome could affect both the package’s content and timeline.
Prior to the election, Trump suggested he'd approve a deal for as much as $1.8 trillion, including new provisions for the Paycheck Protection Program, the $525 billion aid program that supported forgivable loans to 5.2 million U.S. businesses. But there’s little reason to think it would happen quickly: WIthout the political leverage of an election, Trump could see less reason to act.
Biden too would likely push for an expansion of the Paycheck Protection Program, along with “restart” funds to help small businesses retrofit their establishments with plexiglass and other personal protective equipment. Such strategies would probably be priorities for a Biden administration, once sworn into office in January--which, of course, wouldn’t help small businesses survive the start of winter.
But one crucial missing factor is missing from the equation: Congress. Read our story to learn what lawmakers might do for small-business owners before January, depending on who wins--and what the eventual president-elect could do to augment those efforts once his term starts. |
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