Questão 559755

COVID-19 Economy: Expert insights on what you need to know

1 As we practice social distancing and businesses

struggle to adapt, it’s no secret the unique challenges

of Covid-19 are profoundly shaping our economic

climate. U.S. Bank financial industry and regulatory

affairs expert Robert Schell explains what you need

to know in this uncertain time.

• Don’t panic while things are “on pause”

2 Imagine clicking the pause button on your favorite

TV show. Whether you stopped to make dinner or put

kids to bed, hitting pause gives you time to tackle what

matters most. Today’s economy is similar. While we

prioritize health and safety, typical activities like driving

to work, eating at restaurants, traveling and attending

sporting events are on hold. This widespread social

distancing takes a toll on our economy, putting strain

on businesses and individuals alike.

3 Keep your financial habits as normal as possible

during this time. Make online purchases, order

takeout, pay bills and buy groceries. These everyday

purchases put money back into the economy and

prevent it from dipping further into a recession.

• Low interest rates could help make ends meet

4 In March, the Federal Reserve cut rates drastically

to boost economic activity and make borrowing more

affordable. For you, this means interest rates are low

for credit cards, loans and lines of credit, and even

fixed-rate mortgages. Consider taking advantage of

these low rates if you need extra help paying your

bills, keeping your business running or withstanding a

period of unemployment.

• Spend on small businesses

5 Looking to make a positive impact? Supporting

small businesses is an easy and powerful way to help.

You can order takeout, tip generously or donate to

your local brick-and-mortar retail store, if they provide

that option. Your support makes a big impact for

struggling business owners.

• Prior economic strength may help us bounce

back

6 The thriving economy of 2019 isn’t just a distant,

bittersweet memory. When our health is no longer

at risk and social distancing mandates begin to

diminish, we’ll slowly start to rebuild. The stability,

low unemployment rate and upward-trending market

we experienced prior to Covid-19 puts us in a good

position to kick-start economic activity and rebound

more quickly.

Available at <https://www.usbank.com/fi nancialiq/ manage-your--household/personal-finance/covid-economy-expert-insights.html>. Retrieved on: Jul. 20, 2021. Adapted.

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