Local business owners say new economic stimulus plans would be helpful

Published: Mar. 19, 2020 at 4:04 AM CDT
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The White House is working with Congress on a new economic stimulus package designed to provide immediate relief to working Americans.

While nothing is set in stone, the package would come close to $1 trillion according to a Treasury Department fact sheet.

This, to provide relief for American business owners and employees in the form of cash payments.

The President's Administration is calling for quick action on a major economic stimulus package.

"We're looking at sending checks to Americans immediately. And what we have heard from hard working Americans, many companies have now shut down, whether it's bars or restaurants..." said Treasury Secretary Steven Mnuchin.

Mnuchin says cash would be doled out fast to struggling entities-- aiming for within the next two weeks.

One of those businesses impacted is Balancing Goat Coffee Company in Mandan.

Co-Owner Dawn Hager speculates the coronavirus has caused a business slowdown and is out a few employees due to self-quarantines.

"Any little bit of money helps pay any of the bills because rent's still due, and we still have to eat and do all of the regular stuff that we've been doing," said Hager.

Despite the economic effort, the stock market remains volatile.

"We've got such a huge economy. You can't turn this ship overnight," said Securian Financial Advisor David Wald.

The Treasury outlines $50 billion be designated to the airline industry, $150 billion for other struggling sectors like hotels, $500 billion for cash payments to individuals and $300 billion for small businesses.

The White House still needs Democratic backing before the bill becomes a law.