Economy

As states reopen, it’s a race against the clock for small businesses to pay bills and stay solvent

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An employee wearing a protective mask sanitizes a table at a restaurant in Tucson, Arizona, U.S., on Monday, May 11, 2020.

Cheney Orr | Bloomberg | Getty Images

As state shutdowns are lifted, the focus has turned to whether small to mid-sized businesses are strong enough to reopen and can find enough business to survive,  preventing a wave of failures.

The concern about solvency was clearly on the mind of Fed Chairman Jerome Powell, when he testified before the Senate Banking Committee Tuesday on the fiscal and monetary programs aimed to help the economy. He reiterated a message he sent last week — that the Fed alone cannot prevent “avoidable insolvencies,” and that Congress needs to…



Source cnbc.com

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