Businesses await boost from stimulus package
Local leaders hoping Congress restores unemployment benefits
Colonie With 12 million people set to lose their unemployment benefits on the day after Christmas, local business leaders say they are crossing their fingers that Congress will pass a new COVID -19 stimulus bill that would restore those benefits as the pandemic continues to rage
across the country.
A new Capital Region Chamber of Commerce survey of
more than 200 members found that more businesses are having doubts about whether they will be forced to lay off workers in the coming year.
The survey, the third conducted by the chamber since the pandemic began, found that 62 percent of businesses who participated say they don’t anticipate reducing head count, down from 69 percent during a previous survey.
Sixteen percent said they have laid off workers and don’t intend to fill the positions.
The survey also found that onein-five businesses have seen their revenues slashed in half due to the pandemic.
“While is it good to see that the majority of respondents haven’t reduced their workforce and their business are not at risk of closing, the survey clearly reveals that many businesses are struggling and desperately need Congress to pass another round of COVID aid before year’s end to help them withstand the months ahead,” said Capital Region Chamber CEO Mark Eagan.
The chamber represents nearly 3,000 local businesses and is the largest economic development organization in the region.
Eagan said that he is hopeful that federal lawmakers will pass a new pandemic stimulus bill. Congress has been debating a potential $900 billion bill that would provide checks to consumers but leave out much-needed relief for state and municipal governments.
“Another round of stimulus is desperately needed by sectors particularly hard hit by the pandemic,” Eagan said of the prospects of the stimulus bill being signed into law. “While I’m not confident a deal will be put together due to the lack of action by Congress since this summer to address the issue, I’m hopeful with the looming deadline and the elections behind us, that they will do what’s right and provide a lifeline to both businesses and those who are unemployed when they need it most.”