American Banker, October 13, 2020, Stalled Stimulus Talks Put Bankers On Edge
The pandemic has causes historic unemployment rates in the United States, however there has been some turn around in the health of the economy through the Cares act and stimulus package in March. The article warns the funds are running dry, and the coronavirus cases are steadily increasing. The banks who have been doing relatively fine throughout the pandemic, worry that without under stimulus package the repairs they have been doing will be undone.
“The underlying economy in Main Street across America, I think, remains relatively strong. The million-dollar question is how long … restrictions on businesses and gatherings, how long it goes on,” said Noah Wilcox, chairman of the Independent Community Bankers of America and CEO of the $278 million-asset Grand Rapids State Bank in Grand Rapids, Minn.
President Trump tweeted on Oct. 6 that he was rejecting a $2.4 trillion stimulus plan offered by House Democrats and was encouraging Senate Majority Leader Mitch McConnell, R-Ky., to focus instead on confirming Judge Amy Coney Barrett to the Supreme Court.
For his part, McConnell said Tuesday that the Senate would vote on a targeted aid plan later this month, which is much less ambitious than the aid package supported by Democrats. The Republican plan would amount to roughly $500 billion in aid, including additional funds for Paycheck Protection Program. But House Speaker Nancy Pelosi, D-Calif., has already rejected a $1.8 trillion stimulus proposal from the White House.
