Governments try to avoid financial crisis by propping up families, businesses
TAMPA, Fla. - Rent, food, toilet paper: Pat Delaney of Tampa is worried about getting through the pandemic.
"Money is essential to do all those things," she said during an afternoon walk on Tampa's Riverwalk.
If the stock market is an indicator, the future is shaky. The DOW was down 1,300 points March 18, and down nearly 10,000 points from its record high of 29,551 on February 12.
It's still unclear how many have lost wages because of the novel coronavirus, but closures don't paint promising pictures.
"We are going to need government assistance," said Delaney. "That is what it boils down to."
The government agrees, with the Senate passing Wednesday an $8 billion package of paid sick leave, unemployment help and money for testing.
READ: President Trump signs coronavirus relief package, as Congress eyes larger economic stimulus
That pales in comparison to the trillion-dollar package already being worked out, which includes several, $1,000 cash payments directly to citizens and help for small businesses and airlines.
"I think we need to get some cash into small business owners and to employees hands right away," said Rep. Kathy Castor (D-Tampa).
But how many rounds of help will be needed?
"Investors are uncertain as to what the economic impact of fighting this virus will be," said FOX 13 financial analyst Geoff Simon.
He says the stimulus packages are not just designed to help those who need it, but to show skittish investors that the government is capable of solving problems.
"The stimulus package is going to be a bridge to a healthier economy and a healthier America," he said.
But he also says until we see wage and jobs numbers and what impact government help is having, the stock market may not have hit bottom.
Small businesses with up to 100 employees and are impacted by COVID-19 are eligible for interest-free loans from the state for $50,000.
More information can be found at https://www.flgov.com/2020/03/16/governor-ron-desantis-activates-emergency-bridge-loan-program-for-small-businesses-impacted-by-covid-19/
If you feel sick:
The Florida Department of Health has opened a COVID-19 Call Center at 1-866-779-6121. Agents will answer questions around the clock. Questions may also be emailed to covid-19@flhealth.gov. Email responses will be sent during call center hours.
LINK: Florida's COVID-19 website
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