WASHINGTON, Aug 4 — The White House continued talks with Democratic leaders in Congress yesterday over a new round of emergency spending, as more than 100 American business leaders urged lawmakers to lay aside partisan bickering and help small businesses suffering during the coronavirus pandemic....
Tuesday, 04 Aug 2020 07:15 AM MYT
Leaders of companies like Walmart, Facebook, Microsoft, Google-parent Alphabet and Starbucks warned of a “catastrophic” impact on the economy and employment if a new round of federal aid is withheld from companies dealing with the devastating damage from the Covid-19 shutdowns. It remained unclear whether a deal would be agreed soon, and while debate continues, millions of workers have lost the additional US$600 weekly federal unemployment payments, and families are at risk of losing their homes after a moratorium on evictions expired.
But she the talks are “moving down the track. We still have our differences, we’re trying to have a clearer understanding of what the needs are.”In the letter to congressional leaders, the US CEOs said small firms largely do not have enough cash on hand to wait for a coronavirus vaccine and face “potential financial ruin that will make the nation’s current economic downturn last years longer than it must.
Congress in late March authorised several lending programmes in the CARES Act to help companies and workers weather the crisis. “However, such measures should be targeted to promote growth, reduce disincentives to work, and mitigate the risk of creating future imbalances,” he said.
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