Written by Gabriel Dillard
Many business owners are trying to find something to be grateful for this Thanksgiving eve. With the entire Central Valley firmly in the most restrictive purple tier of Covid-19 restrictions, businesses including restaurants, hotels and mom-and-pop shops once again face the prospect of a long stretch with limited revenue.
It’s been eight months exactly since the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that appropriated $2.2 trillion in economic stimulus. It’s been a roller-coaster ride of infection spikes and lockdown restrictions since then. As winter approaches, things do not seem to be getting any better.
As Congress vacates Washington D.C. for a weeklong Thanksgiving recess, businesses all around us are closing, never to reopen. The time for more economic stimulus is now or the problem will only get worse.
While it’s by no means scientific, The Business Journal’s own online web poll reveals a need for a second stimulus. With 26 votes cast so far as of Wednesday morning, 50% of respondents say their business needs more federal coronavirus relief. Another 12% say they don’t exactly need it, but wouldn’t turn it away if it was offered.
Of course, the leaders of each party will blame the other for not getting a deal done. But like many other times when Congress fails to act, the failure weighs on the back of America’s businesses and consumers.
The ideal time for another stimulus package is before another administration comes in. The window is short — basically the first few weeks in December before the Senate goes on its winter break. Failure to act would be devastating.