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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 . Retrieved on: Jul. 20, 2021. Adapted.