On Thursday, the Federal Reserve announced a new approach to inflation, allowing inflation to run above the 2 percent target before increasing interest rates
The move signals that interest rates on home and business loans will likely remain extremely low for several years
Fed also shifts stance on employment in response to higher jobless levels due to the COVID-19 pandemic
Second phase of U.S. Census Bureau survey on COVID-19 impact on small businesses finds respondents more likely to expect a longer road back to normalcy
Majority of respondents report negative impact on business, but some positive signs such as healthy cash on hand and minimal missed loan payments
Businesses see marketing/sales and additional capital as key future needs
Enforcement of Connecticut’s rigorous COVID-19 rules has helped maintain consistently low infection rates, but this also has the potential to harm the state’s economy
Hotels and lodging have not been asked to screen guests, though several have done so voluntarily
Health commitment has been used in tourism marketing, but pitches are limited to neighboring states
The Paycheck Protection Program gave out billions in loans to small businesses suffering from the effects of the COVID-19 pandemic, but other business loans are becoming scarcer
Less than one in four loans were approved in July, compared to pre-pandemic levels of around 50 percent
Banks are less willing to take on the risk of lending to businesses, while companies have also held off on investment plans
JPMorgan Chase Institute study determines that $600 a week supplemental unemployment has helped keep consumer spending levels healthy during COVID-19 pandemic
Warning that aggregate spending could drop 4.3 percent if at least some of the benefits are replaced
Congress still working on unemployment deal following expiration of enhanced benefits last week
Campaign encourages Connecticut and Rhode Island residents to continue visiting each others states despite new COVID-19 restriction regarding Rhode Island
Recent travel advisory adds Rhode Island to list of states whose residents and visitors must quarantine for 14 days upon arrival in Connecticut
Restriction does not apply to visits of less than 24 hours
