July 30, 2020

COVID-19 and its Effect on the Economy

This week, the Senate GOP revealed its plan for the HEALS Act (the Coronavirus Relief Bill).  Following the release of the plan, the Dow dropped by 200 points.  Why?  The Senate Republicans proposed another round of $1,200 stimulus checks, as well as additional funding for small business loans.  Additionally, the legislation would replace the $600 per week federal unemployment supplement with a 70% wage-replacement payment.   Although the economy still suffers, stock of companies like Amazon, which had been soaring, began to drop, while others, such as large airlines and cruise lines saw an uptick in their stock.