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Buffett’s support of another stimulus

Buffett’s support of another stimulus

Warren Buffett said that the US Congress should quickly help small businesses who are "collateral victims"; of the coronavirus pandemic. The United States have to be in an economic war. Congress needs to support measures and significantly expand the wage protection program (PPP), which was established this year to provide loans to small American entrepreneurs. Current situation can be likened with the economic situation during World War II when some industries also had to cease to function and the country threw all its forces into defence production.

"I think the country owes it to those millions of small businesses ... just renew the PPP and take us to the end of the tunnel," said Warren Buffett.

A group of Democrat and Republican lawmakers have already unveiled a $908 billion tax- backing package on Monday night. The package also includes approximately $300 billion to support small businesses, including restaurants and entertainment. Buffett says that Congress has to approve the measure before the Christmas holidays or the legislature would "frustrate the dreams of tens of thousands" just because of quarrels and differing political views.

Nevertheless that various types of business remains uneven, Buffett praised the Fed’s job. The differences between groceries or supermarkets and restaurants “just killed the business of the people who built it with their families for decades."