The US economy is going downhill ever since the COVID-19 hit the country. Amidst the growing crisis of COVID-19, the US relief programs are hitting an expiry date as the year ends.
This news is going to be unbearable for many small businesses and for those who are living on the unemployment fund. The holiday season is nearly here and people were expecting this type of bad news from the departing government.
Many people claim that this situation is arising because of the known feud of the members of Congress. They have reached an impasse and are not looking at the bigger picture, which is to extend these relief programs’ dates.
People are reliant on the government for relief funds for months now and many individual efforts are also underway. But the news that these relief programs come with an expiry date was not anticipated by the masses.
The politicians have started the old blame game, which is only causing distress among people. The limited timelines on these programs mean that if the people are not able to get a job by then, they will suffer a lot.
Millions of Americans are out of employment and that is the reason that the government initiated these programs. The purpose of these programs will remain unfulfilled if the policymakers are not going to conclude anything about extending the timeline.
Many people have already consumed all their savings and they have been relying on the government funds. They spent many months on their own and now when they are looking at the government and the current political tension on this issue is only causing disappointments.
The transition period is another reason that the country is reaching an economically irrecoverable position. The crisis will hit so hard this time that the new Congress will not be able to stabilize the economy.
The forgivable loans given to the businesses helped many small business owners to stay in business during the pandemic. But as the entire economy cripples down, many businesses will not survive the first quarter of 2021.
Biden must come up with a solution to this problem as he is taking over the Oval Office soon. He will face a lot of trouble recovering the economy and starting the relief operations again.