ABSTRACT

Financial Industry and Consumers Struggling to Pay Bills During the COVID-19 (Coronavirus) Outbreak [March 16, 2020]   [open pdf - 591KB]

From the Document: "A growing number of cases of Coronavirus Disease 2019 (COVID-19) have been identified in the United States, significantly impacting many communities. For background on the coronavirus, see CRS In Focus IF11421, 'COVID-19: Global Implications and Responses', by Sara M. Tharakan et al. This outbreak may continue to cause disruptions as federal, state, and local governments limit public gatherings, close schools, and encourage workers to telework to contain the coronavirus's spread. While this situation is evolving rapidly, the economic impact may be large due to illnesses, quarantines, and other business disruptions. Consequently, many Americans may lose income and face financial hardship due to the coronavirus outbreak. Some workers may need to take time off work if they or their families fall ill. In addition, layoffs or reduced hours may impact workers in particular industries affected by the outbreak, such as the travel, restaurant, and entertainment industries. To address these concerns, on Saturday, March 14, the House passed H.R. 6201, which, among other things, expands sick leave access, unemployment insurance, and food assistance benefits. Even if this bill is enacted, some families may continue to feel the economic impact. This Insight focuses on possible policy options relating to the financial services industry for consumers who may have trouble paying their bills due to the outbreak."

Report Number:
CRS Insight, IN11244
Author:
Publisher:
Date:
2020-03-16
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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