Last evening the Senate failed to pass the massive stimulus bill that we have all been waiting on. And I could swear that when I saw this, I thought I was waking up in the fall of 2008 all over again….
Surely the politicians remembered the lessons from 2008 when they failed to pass the TARP bill the first time.
But of course they did not.
So now we are anxiously awaiting the specific details of what exactly will be in this stimulus package. It seems as the days have gone by, we are up to a stimulus package of between 4-6 trillion dollars. And obviously that could change by the time you read this.
The federal reserve, however, has come out swinging. First thing this morning, they announced several measures aimed at unseizing the credit markets. As I have mentioned in my previous posts, there are no safe havens, and that the damage has impacted everything. These steps by the Fed are in an attempt to repair those credit markets.
On another note, one thing that I want to stress, is if you or a friend or family member owns a small business or runs a non-profit, please visit: www.disasterloan.sba.gov . There is a lot of talk that as part of the stimulus, the federal government is going to dole out aid to businesses via the SBA network. Additionally, part of the discussion right now is that if you receive these funds, and for example you have 5 people on your payroll today, they will look 3 months from now to ensure you kept the same five people on payroll. As long as you meet their requirements, then your loan becomes forgivable. Again, this is still being discussed, but I implore everyone to at least start the process. If Congress approves of the plan, then you are at the front of the line and can keep your business funded and employees paid.
Ok, so as I write this, we have yet another delay in passing this legislation.
This is unacceptable and again I am activating you and asking that you please call your Congressional Representatives. This is not the time for ideology but action – a significant stimulus must be passed. In 2008 I advocated for you all tirelessly, and one big takeaway for me was the number of clients who wanted to be notified when their voice was needed. Now is that time! Please contact them immediately and demand action.