The Current Economy Amongst COVID-19

“The Current Economy Amongst Covid-19”. (Photo: The Citizen)

Written By Kaitlyn Hand

Can you find a cure for a virus that not only takes away one’s health but also one’s small fortune as well? The coronavirus pandemic has left many people in trouble amidst the stock market falling. The resolution our lawmakers made was to send stimulus checks to people who qualify. Despite the checks being mailed out and unemployment being easier to access, many people and small business owners are still struggling to pay the rent. People want to know if their former investments will still be around in a month so I decided to dive into statistics.

The New York Times reports that the majority of people who are laid off will likely now make more money than they did before. People who did not qualify for unemployment benefits before will now qualify, which could hypothetically boost the economy once it comes back. The idea around that is you have people making money and not spending as much on extra activities like restaurants, shopping, etc., as they are closed. When the economy reopens, hopefully they will have money to go put into the shops and restaurants that reopen.

Small business is likely to be hurt the most. We see a lot of discussions about small business grants being distributed. Concurrently, places allowed to stay open and are not considered “small” have received these grants. One of the fast food places receiving the grants is Shake Shack. The small businesses that require a grant for survival are the ones the Government is not investing in.

The importance of the grants are to help your local stores continue to pay their workers and to help them stay in business. The stock market is seemingly improving despite millions of more people being forced to file for unemployment. The Market’s S&P 500 is up 29% from last month. While it is not exactly back to what it was, it is definitely an improvement as things start to look up and the death toll slows down. This is still not a determination that the stock market will not go back down as the pandemic has no time frame and we currently see no end in sight nor a full return to normal.

Finding the cure to people’s health and wealth will not be easy to find. People will struggle for a while and it will be difficult for the Government to ensure small business grants go into the correct hands, but it is necessary. The future of the stock market will weigh heavily on whether or not a cure for the virus is found and how soon we find it. The economic future of our citizens depends on how our government helps them and if small businesses are given grants or we may come out of this with few family owned businesses and restaurants left.

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