Unemployment remains at historic highs even as fiscal stimulus allows businesses to rehire   America’s Recovery Fund Coalition (ARFC) issued the following statement after the release of the June jobs report. While the report showed gains in the U.S. job market, total unemployment remains alarmingly high at 18 percent. “Since March, over 48 million Americans … Continued

Several industry associations urge Congress to authorize zero-interest loans.   We wanted to bring to your attention a letter from the Economic Innovation Group, signed by America’s Recovery Fund Coalition, that was sent to congressional leadership yesterday. As reported by POLITICO:   “Several industry associations are urging Congress to authorize zero-interest loans that would mature for up to 30 years as part of the next phase … Continued

In the dark and struggling with shutdowns, many business owners still need help.   As the application window for the Paycheck Protection Program (PPP) draws to a close, we wanted to highlight an Associated Press report concerning over $140 billion in unclaimed funds. The amount of money being left on the table has raised questions over whether PPP can be the complete solution to America’s economic recovery.   “It seemed to be structured by people … Continued

Layoffs continue, businesses operate below capacity as COVID-19 fears persist   Following the reopening of some states, COVID-19 cases are surging across the nation, leading many to question whether the recent uptick in economic activity will be short-lived. According to Bloomberg, former Treasury Secretary Lawrence Summers ”told the Economic Club of New York on Wednesday … Continued

We wanted to highlight a recent article in POLITICO Pro by Victoria Guida about how the International Monetary Fund (IMF) forecasts an 8 percent plunge in the U.S. GDP this year. For context, during the Great Recession, the U.S. economy shrank by 2.5 percent. According to the IMF, “This also suggests a more gradual recovery … Continued

Today, America’s Recovery Fund Coalition (ARFC) released a new data snapshot that assesses the economic damage done by COVID-19, examining how Personal Consumption Expenditures (PCE) had been impacted thus far.   “Personal consumption accounts for almost 70 percent of our GDP each year, and to fully understand the impact of this pandemic on our economy, we created a scenario with projections with no pandemic to compare … Continued

It’s becoming clear that another shutdown might have to happen again. And again. We wanted to highlight a recent article in POLITICO Pro by Zachary Karabell about the “kill-switch effect,” or the abrupt halting of the economy and businesses across the country, and why getting the nation up and running again is not as easy as flipping a switch back to “on.” To wit:  “The … Continued

Federal Reserve Chair Jerome Powell was on Capitol Hill again this week to discuss the economic fallout from the COVID-19 pandemic and how recovery could be slowed if sufficient measures are not taken soon to buoy the economy. Commenting on previous stimulus packages, Chair Powell said: “The shock that we received — the economy received … Continued

Today, more than 100 economists, led by former Federal Reserve Chair Ben Bernanke, published a statement addressed to congressional leadership urging them to take immediate action to spur America’s economic recovery. “The novel coronavirus outbreak has unleashed a recession that is unprecedented in the speed and severity of its decline. Since February, 1 in 5 … Continued

PPE requirements, business closures, and large overhead costs threaten America’s small businesses   June 11, 2020 – Today, America’s Recovery Fund Coalition (ARFC) and the Save Small Business Coalition (SSBC) released findings from a new small business survey on COVID-19’s impact. Without additional fiscal support, 1.2 million American small businesses could be closed for good … Continued