A Different Economic Outlook as Biden Administration Begins Agenda

| Feb 15, 2021 | Business Formation & Planning |

With the Biden Administration approaching thirty days in office, the economic landscape in the country shows mixed signs, with many potential policy changes ahead.

On the unemployment front, filings continue to be high but have dropped for three straight weeks. This suggests the economy could be turning a corner, particularly as more Americans receive a COVID vaccine, potentially allowing further opening of businesses across the country. However, concerns remain, including for small businesses with millions still fearing they will not survive the economic impact of the pandemic.

With this state of the economy in mind, among so many other mixed signs, the Biden Administration is proceeding with its agenda, with various proposals, some more likely to see fruition than others. These include the push for $15 minimum wage, a further stimulus check of $1,400 for many Americans, and an increase in the child tax credit. All this is contained in the proposed COVID relief package. There is also a push to help small business by finding ways to provide them with additional PPE and testing in hopes of helping more businesses manage COVID and stay open without harming public health.

While there’s hope that the light at the end of the tunnel of this pandemic is in sight, there are still significant economic concerns for business in the country. While it is uncertain how much of the new administration’s planned relief will pass, there is certain to be at least some new opportunities for support available. Of course, the question remains when and whether it will do enough to help struggling businesses survive. With all this in mind it remains of great import to keep an eye on the ever-changing new plans that will impact how businesses continue to adapt during troubling economic times.

With so much in flux, an experienced legal team can help navigate a difficult time for businesses, particularly with the ever-changing landscape for companies during the current crisis.