Our Economy is Going to Have a Strong Rebound
by Kevin Brady on April 6, 2020 at 1:06 PM
Yesterday, I joined Greg Groogin on Fox 26 Houston to discuss the impact COVID-19 has had on the economy, and what we can expect moving forward. Click here to watch the full interview.
On the economic impact of COVID-19:
There's no question the Coronavirus has hit us hard, doubly hard, both on healthcare and our economy. The jobless numbers are harsh and they're going to get tougher here over the next few weeks… but we came into this as the strongest economy on the planet – fundamentally, we're still sound. So as we lock down this virus, we’re going to be able to unlock this economy.
On the importance of the Paycheck Protection Program:
This Paycheck Protection loan program for small businesses will be a godsend. It is basically giving small businesses the money to keep their workers on the payroll – which is where we want them – and to be able to be in a position to rebound strongly when we lock down this virus.
“The good news is, literally hundreds of thousands of small businesses beginning today are applying for these loans. I’m convinced the whole key to our recovery is keeping the businesses alive, keeping those workers attached, helping those whose hours are cut and whose days at work are reduced.
On the future of our economy:
[In our response] we covered the key things, the major industries like energy and airlines, small businesses, and independent companies as well. It's got to be all hands on deck here the next few weeks, but I’m convinced that as we see the cases stabilize for the virus, and as we unlock more of the economy toward the end of this month, we ought to be preparing now – I certainly am – for the recovery to kick in after that.