Nearly 40% of small businesses say they ll shutter without aid, Federal Reserve finds Print this article
Nearly 40% of small businesses say they ll be forced to shutter without additional support from the federal government, according to a survey from the Federal Reserve.
The survey, which received responses from nearly 10,000 businesses with fewer than 500 employees, found that 89% of small businesses had yet to return to pre-pandemic sales levels almost a year after the first business restrictions were introduced in the United States.
More than three-quarters of those businesses reported a drop in income, and nearly half said they had already or were going to cut their workforce in response to the depressed demand.
Here’s How the GOP’s Stimulus Package Compares to Biden’s
Ten Senate Republicans released a $618 billion counterproposal to President Joe Biden’s $1.9 trillion coronavirus relief package hours before they meet in hopes of finding some common ground, but the two proposals have far more differences than similarities.
The $618 billion package only slightly resembles that of the Biden administration, whose proposal is three times as large and includes bigger stimulus checks for a greater number of people.
“With your support, we believe Congress can once again craft a relief package that will provide meaningful, effective assistance to the American people and set us on a path to recovery,” the group of 10 wrote in a letter to Biden ahead of their meeting.
What could GOP s COVID relief counteroffer mean for stimulus checks? What to know Bailey Aldridge, The News & Observer (Raleigh, N.C.)
Jan. 31 A group of Republican senators sent a letter to President Joe Biden on Sunday urging him to consider their smaller COVID-19 relief counterproposal to his administration s $1.9 trillion plan.
The letter says the framework builds on prior COVID assistance laws that passed with bipartisan support, reflects many of Biden s stated priorities and could quickly be approved by Congress. We request the opportunity to meet with you to discuss our proposal in greater detail and how we can work together to meet the needs of the American people during this persistent pandemic, the letter says.
President Biden to meet with Senator Cassidy, other Republican senators Monday
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Source: WBRZ
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BATON ROUGE President Joe Biden is set to meet Senator Bill Cassidy and other Republican senators to the White House for a full exchange of views on Monday.
The White House says President Biden and VP Harris will meet with the Republican senators in the Oval Office at 5 p.m. tomorrow. Jennifer Epstein (@jeneps) February 1, 2021
On Sunday President Biden invited 10 Republican senators who signed a letter to meet with the President at the White House early this week in regards to COVID relief proposals.
| Updated: Feb. 2, 2021, 2:27 p.m.
After a longer-than-expected two-hour meeting Monday with President Joe Biden, Sen. Mitt Romney said the president “has genuine interest in working with” Republicans to close a gap on their competing proposals for a pandemic aid package.
“It was not just a check-the-box meeting,” Romney said in a call with Utah reporters. “We had a full airing of our different points of view and a direction by the president to continue our discussions.”
Biden is pushing for a $1.9 trillion package, while a group of 10 centrist Republicans that includes Romney seeks only about a third as much, $618 billion.