COVID-19 relief bill’s economic impact

CHATTANOOGA, Tennessee– A $600 dollar check will soon be on its way to many of you as early as the end of the week. This comes after President Donald Trump signed a second COVID-19 relief package late Sunday Night.

“Direct injection in the economic bloodstream, which will help boost the economy.”

Barnett and Company Vice President Chris Hopkins said this money is needed to help those hurting financially from the pandemic and will lead to helping the local economy.

“So much of our economy, both locally and nationally, depends on consumer spending,” said Hopkins. “Number one, it’s going to be a direct stimulus put the money directly into the local economy.”

He said this bill will do more than put money in consumer pockets,  it also has money designed to help small businesses.

“A little over a third of the stimulus bill is direct aid to small businesses. Think about all the small businesses that have been directly impacted, think about restaurants for example, walking around downtown, we can see the impact,” said Hopkins.

He added another benefit of the relief bill is there is $80 Billion being used to get the vaccine distributed.

“It’s intended to help support the production the vaccine the distribution of vaccines which we’ve seen as a complicated process,” said Hopkins.

A concern some have is the relief bill is causing the country to go into further debt. Hopkins said the country will need to deal with that but right not is not the time.

“There are people in need there are people in pain they are a small business is failing and we’re in a position right now where the debt service cost is going to be as affordable as it’s ever been,” said Hopkins.

He said he expects big things for the economy come the second half of 2021 and on and that’s when we can address the country’s debt issues.

“Let’s say 75 or 80% of the population inoculated, I think the potential for economic expansion is incredible, that is the point time in which, we can begin to look at budget priority change,” said Hopkins.