Capitol Report: Health and economic impact of the virus on the state

Capitol Report

Conn. (WTNH) — If there was ever a time we needed State government to be there for us, this is it.

One State representative, Jane Garibay is self-quarantining after testing positive for COVID-19.

The health impact aside, the coronavirus is taking a massive toll on Connecticut’s economy. The numbers are staggering.

Last Thursday alone, 14,000 people applied for unemployment in the state. During the 2008-09 recession, the average was about 5,000-7,000 applications per day.

The casinos are even closed, which has never happened for any reason.

The amount of jobs on-hold in CT is mind-boggling. Even more frightening? We don’t know when things will get better.

Governor Ned Lamont is taking steps to help business owners and is also leaning on the feds to take action to help, too.

Joining the Capitol Report panel to talk about the CT plans to stare down the economic impact that we are already facing because of this outbreak is David Lehman, Commissioner of the CT Department of Economic and Community Development.

Retail, restaurants, arts, and others are taking a big cash flow deficit due to this outbreak. What role can DECD play to relieve or moderate potential massive small business failures?

As for what should come next from the federal government, Capitol Report spoke exclusively with President Trump’s former Head of the Small Business Administration, Linda McMahon.

McMahon says congress is looking to approve $300 billion in fast-tracked aid. The money would be infused into local banks for small businesses on the brink.

It would be for payroll, it would be for debt service, it would be for rent and mortgage. The proposal if the loans were utilized for these reasons by small businesses the loan would be forgiven and not have to be repaid.

– Linda McMahon/Former Small Business Administrator

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