Some of the top business groups in the United States are ramping up pressure on Congress to pass a second major stimulus package as coronavirus cases surge and the economic recovery shows signs of stalling out.
In a stark warning to Congress, the U.S. Chamber of Commerce told lawmakers that a new relief bill is “desperately needed” and that a “double-dip recession” may be in the offing without another big shot of federal dollars into the economy, the Financial Times reported.
Twenty-five other business groups and associations teamed up with the Chamber on its plea to Senate and House leaders for swift action on a second stimulus package.
In particular, the business groups are lobbying for a second Paycheck Protection Program (PPP) for small businesses, which have been particularly hard-hit by the coronavirus-triggered downturn.
Joshua Bolten, chief executive of the Business Roundtable, is calling for new lending to help small businesses get through the next several months, with one in four saying they will need more capital to keep their doors open, the FT reports.
The Roundtable also added its voice to those calling for another stimulus package, with the group, which represents larger companies, noting that 83 percent of chief executives see this as a key priority.
In a fourth-quarter survey of top executives, the Roundtable said there are signs of rebounding business confidence, even as it warned that recovery could be jeopardized by the spike in coronavirus cases and a failure to pass another stimulus bill.
“We urge lawmakers to work in a bipartisan fashion to enact further economic support, especially for small businesses, before the end of the year,” Bolten said in a statement. “Further delay in delivering relief will hurt millions of Americans and lead to more damage to our economy.”
Still, exactly what form a stimulus package should take, and how much money should be spent, remain up in the air with Congressional leaders locked in difficult negotiations.
