US Covid-19 fiscal response is in chaos

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US Covid-19 fiscal response is in chaos
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From outdated technology to confusion over the policy itself, the cheques are not in the mail as states struggle with a mountain of claims

Washington —

Making matters worse, the original $2.3-trillion in aid that was passed by Congress late last month isn’t nearly enough, businesses warn. Every day that passes without federal money getting to people is “an unnecessary hit to businesses and households across the US”, said Gregory Daco, chief US economist at Oxford Economics.Coronavirus Aid, Relief, and Economic Security Act became law on March 27, committing the $2.

Efforts to extend benefits to workers in the gig economy, a key element of the rescue bill, have not yet been explained on state unemployment websites. The timetable for a different bit of individual assistance, checks of up to $1,200 per person, is also unclear. The rollout has been so patchy that the Fed had to step in on Monday with a blanket offer to banks to take the small business loans into a new programme of its own.

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