The speedy spread of the omicron variant hobbled businesses small and large alike. But this time around, they've had to fend for themselves.
Photo by Ben Hasty/MediaNews Group/Reading Eagle via Getty Imagesn unexpected jump in new jobless claims the week of Jan.
As has been typical with pandemic predictions, the looming question is one of duration: “Certainly, if it continues to escalate in the weeks ahead, that might cause the need for some kind of action,” Kim said. “Consumer behavior is changing, particularly during the wintertime,” she said, adding that in-person service-sector businesses like restaurants, gyms, salons and live entertainment venues are at the greatest financial risk as people once again are avoiding gathering with strangers in indoor spaces.
The speed with which omicron has torn through the U.S. also means lawmakers would likely be unable to coordinate any additional federal stimulus in time to make a difference; even if Washington weren’t polarized into a state of inaction, said Mark Zandi, chief economist at Moody’s Analytics. “The PPP was designed to incent businesses to hold onto their workers,” Zandi said, calling it “very effective” in the short term. “We let the PPP expire,” he said. “I think that’s the mistake we made.”
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