![]() Most recently, the CARES Act provides nearly $1 trillion to rescuing America’s employers. Employers received initial support from both the Federal Reserve and Congress as the crisis has unfolded. The federal government has come in quickly to offer assistance. 3The result? In the last two weeks of March alone, nearly 10 million people filed unemployment insurance claims. 2And with one-in-four small businesses shuttered at the moment, and another 40% at risk of closing in the next 2 weeks, they may not last long without more assistance. 1For businesses in majority black and Hispanic neighborhoods, nearly no business had cash reserves that would last 21 days. Even before this crisis, half of all small businesses didn’t have the cash reserves to weather not making money for just two weeks. Employers and their employees are taking the brunt of the economic damage. The coronavirus crisis has escalated from a public health catastrophe to an economic catastrophe as well. We need a Coronavirus Lifeline to American employers that keeps small businesses afloat and provides smart relief for large employers to keep people on payroll and poised to restart. As Congress considers the next aid package, it needs to act on a massive scale. Even after initial federal action, too many businesses are at risk of closing their doors forever. American employers are being decimated as a result of the coronavirus.
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