By Jack MoneyBusiness writer jmoney@oklahoman.comNothing like a financial crisis demonstrates how a central bank can be used to attempt to blunt its impact. Since March, the spread of COVID-19 and a resulting shutdown presented sizable challenges for the U.S. economy. Earlier this year, Congress provided substantial dollars to help support the nation’s businesses, and the Federal Reserve Bank stepped forward to help using various programs. The bank cut its policy rate to near zero, dropped banks’ reserve requirements to zero through temporary regulatory adjustments, boosted open market purchases and more. Some of these programs were resurrected by the Federal Reserve Bank after they were created during the Great Recession of 2007-2008. However, in a recent update issued by the Oklahoma City Branch of the Federal Reserve Bank of Kansas City, Economist and Branch Executive Chad Wilkerson reported those holdovers aren’t being used as much during the current crisis as they were a decade ago. But other entirely new programs geared toward offering specific reliefs to help support the economy during the current crisis are pretty popular. Oklahoman businesses’ participation in the Paycheck Protection Program, for example, exceeds national averages for numbers of businesses with fewer than 500 employees participating and the national average for percent of payroll covered by the loans — something Wilkerson attributes to the hard work that community banks put in to acquire that assistance for their customers. “This is a different crisis than what we saw in 2007-2008,” Wilkerson said.Read more on NewsOK.com
Comment on The economic impact of COVID-19 could be worse, and you can thank an Oklahoman for that
NewsOK.com RSS - business >> !The Oklahoman, Daily Oklahoman: Business
Thu, 08/06/2020 - 6:20pm
Comment On This Story
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more