Federal Lost Wages Benefit Program Will Boost Florida's Economy- But Not For Long
More than 30 states have applied for the federal lost wages assistance program- and last week Florida joined that list.
The program will provide an extra $300 a week in unemployment benefits, but as Sean Snaith, director of the University of Central Florida’s Institute for Economic Forecasting told 90.7's Talia Blake, the program will not last long.
“The total amount, I think, is approximately 45 billion dollars, and so that’s not likely to last really much beyond September, although the benefits will be retroactive back to the start of August. But once we get through September, then this executive order is going to be depleted," said Snaith.
Snaith said how quickly Florida’s economy recovers depends on how soon the coronavirus is under control.
“It’s going to depend on the science: how quickly can we get the therapeutics and vaccines in place that will ultimately render COVID-19 a non issue," said Snaith.
"Once that happens, tourism in particular should be poised for a pretty rapid recovery.”