The pandemic unleashed a staggering one-two punch on the economy – double-digit unemployment and drastically reduced revenues for many businesses. As states reopen with varying restrictions, what the future holds in the next six to 12 months is anybody’s guess.
But while the economic downturn will continue to impact consumers and businesses indefinitely, it could have been even worse, says Ron Oertell, Chief Financial Officer at LendingUSA, LLC.
“Given the high unemployment rate, there was a very strong concern out there as to what short-term effect the pandemic would have on the consumer,” Oertell says. “The surprise has been that consumers have been relatively stable in paying their bills. That has been driven in part by public policy decisions such as the stimulus payment plans and the government stepping up in a strong way.