Economic stimulus update: How it affects workers and businesses | The Art and Science of Successful Planning

While many Americans are starting to receive COVID-19 vaccinations and glimpse a post-pandemic life, normalcy has not yet returned. This uncertainty has sparked discussions in Congress about providing an economic stimulus to help both individuals and businesses. For more on how government actions impact the economy, see US Economy Today: What You Need to Know.

Current Challenges for Businesses and Workers

Some businesses are reopening at limited capacity, but this does not fully meet the needs of small businesses or their employees. Many workers are about to lose another wave of enhanced federal unemployment benefits, set to expire on March 14. This date may act as a practical deadline for new economic assistance.¹

What the Proposed Stimulus Could Include

Reports suggest the stimulus could include $1,400 checks for Americans or a proposed increase of the federal minimum wage to $15 per hour. While such measures could pass through budget reconciliation, requiring only a simple Senate majority, there is debate over whether Senators will support a package of this scale. Despite this, the need for aid remains significant for both employers and employees.¹

For guidance on personal finance during uncertain times, see Financial Advice for Retirement Planning for Florida Retirees.

Potential Impact of the Stimulus

This wave of economic stimulus may prove to be a much-needed shot in the arm of another kind, so to speak. You may have concerns about the upcoming stimulus, and further developments that come to light as the final legislation approaches. As always, I welcome your questions and concerns and look forward to an update on how you are dealing with these challenging times.

^{1. CNBC.com, February 8, 2021}

^Disclaimer:

The content is developed from sources believed to be accurate. It is not intended as tax or legal advice. Please consult legal or tax professionals for guidance on your individual situation. This material was produced by FMG Suite, LLC for informational purposes. It should not be considered a solicitation to buy or sell any security.