What do we do this next time around? Is it going to be another big one with checks for a number of people again $1200?
I think we’re looking for gaps we’re looking for as the economy opens up what more should Congress do. Clearly, something related to the unemployment compensation that we’ve had for the past three months needs to be dealt with before July 31st. I think that’s a key demand side.
Secondly, on the supply side, what should we do with 147 billion dollars that’s still in the Paycheck protection program that has not been allocated.
Do you support an extension, or do you think it sends the wrong message or gives the wrong type of incentive structure out if extended being the enhanced benefits?
I think the $600 per week was too high across the country in a flat way. I think somebody’s premium over phasing it out might be an appropriate method. Or it may be some kind of a bonus to go back to work, but leaving it as is it’s $600 per week is a detriment to getting the economy to reopen and getting people back to work.
Will there be more direct checks for people making under a hundred grand like we had last time something similar?
That’s under consideration among a long list of things to take into account. I think that’s possibly one of the unemployment fees. Also, additional guidance for state and local governments make sure governors are sharing the money that the Cares Act provided with state and local governments. All those things are things that Congress has got on its plate between now and the end of July.
Minchin and Powell talked about bailing out or helping industries, and if so, which ones were discussed, can you tell us?
We talked about the Main Street program and the municipal liquidity facility primarily today, and the Main Street program now is about 200 banks registered for it to provide liquidity loans to larger companies that were not in the PPP program. It’s just now getting launched, and we’ve had concerns that been delayed over the past few weeks.
So we’re anxious to see it help people, keep people employed and keep the business growing.