Increasing calls for President Donald Trump’s impeachment, the rollout of the new Paycheck Protection Program, vaccine distribution strategy, expectations for new business relief, and good news in Connecticut business starts are among the key business news stories this morning.
National
House Democrats have formally introduced a resolution seeking to impeach President Donald Trump for the second time, charging that he abused his power by encouraging a violent attack on the U.S. Capitol and other efforts to “subvert and obstruct” the certification of the results of the 2020 presidential election. Democrats have vowed to vote on the resolution this week unless Vice President Mike Pence invokes the 25th Amendment to remove Trump from power.
Calls have been mounting for Trump to either resign or be removed from power, including a Wall Street Journal editorial calling for him to step down and a statement by the National Association of Manufacturers in support of the 25th Amendment.
The Paycheck Protection Program, newly revived under stimulus legislation, opens today with early lending limited to community development financial institutions. While the program has been revamped to address several issues that arose during the first round of PPP, Inc. warns that problems are still likely to crop up in several areas.
The distribution of COVID-19 vaccines could change considerably when President-elect Joe Biden takes office on Jan. 20. Biden has voiced his support for immediately releasing all available doses on the expectation that enough vaccines will be manufactured to keep up with the demand for second doses. Economists have largely agreed that control of the virus is necessary to ensure greater economic stability.
Connecticut
Connecticut’s U.S. senators discussed further business relief with West Hartford leaders and restaurant owners recently. Senator Richard Blumenthal and Senator Chris Murphy say they are planning several proposals, including further stimulus and federal reimbursement of restaurants that have helped support the poor during the pandemic.
Entrepreneurs are remaining active in Connecticut, according to a recent report by the Hartford Business Journal. Despite the challenges of the pandemic, business starts hit a record pace at the end of 2020.
