The U.S. government's massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don't-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.
WASHINGTON - The U.S. government’s massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don’t-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.
Making matters worse, the original $2.3 trillion in aid that was passed by Congress late last month isn’t nearly enough, businesses warn. Efforts to extend benefits to the gig worker economy, a key element of the rescue bill, have not yet been explained on state unemployment websites. The timetable for a different bit of individual assistance, checks of up to $1,200 per person, is also unclear.
Even band-aid emergency cash hasn’t shown up. Borrowers applying under the SBA’s disaster loan program last Monday could check a box to receive $10,000 as an advance on the loan in three days. More than a week later, several borrowers told Reuters they hadn’t received the money.
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