The U.S. economy could face significant weakness over the next couple of months until coronavirus vaccines are widely distributed, but those vaccines, combined with the increased odds for fiscal stimulus under President-elect Joe Biden, could boost the economy in the long.
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2020 was a dismal year for movie theaters. Amidst the coronavirus pandemic, the domestic box office plummeted 80% from 2019, as theatergoers stayed home in droves, opting to watch programs and movies on streaming platforms like Disney Plus, Netflix, and Amazon Prime.
Locally, San Antonio-based Santikos Enterprises also felt the pinch, despite being open since May with COVID-19 safety measures such as weekly virus testing for employees, and advanced hygiene and sanitization methods at its theaters. A normal year of revenue would have been about $110 to $115 million dollars, according to CEO Tim Handren. Last year’s take was only about a quarter of that. Not only is that bad for keeping the business open, but it also meant no profits were funneled into the San Antonio Area Foundation, which Santikos contributes to per the directive of the cinema chain’s late owner, John L. Santikos.
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021.
1 Title X of Division N of that law ( Title X ) contains several provisions that change the authority of the Board of Governors of the Federal Reserve System (the Federal Reserve ) to extend credit or purchase assets under Section 13(3) of the Federal Reserve Act (the FRA ).
2 This provision was inserted into the bill by Senator Patrick Toomey of Pennsylvania, who believed that the Federal Reserve s programs initiated under Section 13(3) and funded under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act )
3 should be permanently discontinued and made unable to be restarted.
CW Bancorp announced today the completion of its previously announced holding company reorganization. Following shareholder approval and receipt of all requisite regulatory approvals, the holding.
The U.S. economy could see a strong rebound in the second half of this year as vaccinations become widely available, but the virus is still driving the economy and monetary policy will remain accommodative, Boston Federal Reserve Bank President Eric Rosengren said Tuesday.