Howard Schultz argues that coronavirus stimulus for small businesses should pack a much bigger punch, warning that wealth inequality will be much greater after the coronavirus crisis if small businesses don't survive
Howard Schultz argues that coronavirus stimulus for small businesses should pack a much bigger punch, warning that wealth inequality will be much greater after the coronavirus crisis if small businesses don't survive.
Congress is scrambling to approve a fresh round of small business stimulus after the widely criticized Paycheck Protection Program ran out of money last week. Since then, the Small Business Administration has been unable to dole out emergency loans to cash-strapped applicants, as part of the $2 trillion stimulus proposed by the CARES Act to stave off the pandemic's worst effects.
‘Dramatic negative effect’Schultz explained that the previously booming economy and markets had been “camouflaged by the record number of profits and cash on the balance sheets of corporations, which even as we sit today is greater than it was post-9/11.” "We're also trying to maintain a level of employment for millions of people. And if millions of people are unemployed for a period of six months to a year, it is going to have a dramatic negative effect on the social fabric of the country," he added.
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