South Florida CEOs favor a second stimulus | Opinion

By Herald staff

Updated December 4, 2020 7:48 PM

The U.S. Capitol in Washington, Nov. 12, 2020. CEOs were asked: Many economists have insisted for months that a second stimulus is needed. However, more fiscally conservative voices are starting to emerge saying the U.S. must start to worry about its debt and/or deficit. Do you believe a second stimulus is needed — and do you believe concerns about the debt/deficit are valid (why or why not)? ANNA MONEYMAKER NYT

I strongly support another stimulus package. I understand the concerns of the deficit, however, I don’t believe the U.S. has a choice. We have to jump start the economy, and the stimulus I believe is the only logical answer.

Dexter Bridgeman, CEO, founder, M•I•A Media Group

I believe a second stimulus is needed to assist those in the hospitality industry – owners and employees included. The benefits of the original stimulus have long expired, however, the pandemic will continue to directly impact hotel operations in the near future.

Luis Flores, managing partner, Saul Ewing Arnstein & Lehr’s Miami office

I am a fiscal conservative. That being said, there is no doubt in my mind that we need a second stimulus. There are millions of Americans in a dire situation for no fault of their own. This pandemic thrust our economy into depths we had not experienced, literally overnight, with immediate shutdowns of the majority of our businesses. The prolonged shut down has proven too difficult for many businesses to survive. Of the businesses that have survived, some have done severe cutbacks on staffing, or pay levels or hours. Many have reduced benefits as well. These unprecedented times call for more assistance to those most in need.

Veronica Flores, executive vice president, First National Bank of South Miami

Because this pandemic is unprecedented, there are no easy answers. The economic impact of the pandemic on some is tremendous. The reality is that there are individuals, families and businesses that are struggling, especially around the holidays. We can help them by donating to local food banks and buy supporting small businesses in our community. I think we need to look closely at the possibility of a second stimulus to see if it makes sense in the short and long term.

Guy Harvey, founder, Guy Harvey Enterprises

Having observed the front line of a food pantry in recent weeks and seeing people and families who never imagined their life would take this turn, I vote on the side of stimulus. As a community foundation, we do our work at the intersection of need and wealth. In my 30+ years of working in nonprofits, I have never seen a greater need than we are experiencing now. And at the same time, I have seen little negative effect from COVID-19 on wealth. The pandemic has made the need/wealth gap wider than it’s ever been before in our lifetime with its K-shaped recovery. So I hope an ambitious stimulus bill is on the way.

David Jobin, president, CEO of Our Fund Foundation

As we have moved to a “K-shaped” recovery, yes, we need to financially support the specific industries and individuals that have been harmed by the intermittent shutdowns and reduced demand.

Mike Pappas, president, CEO, The Keyes Company/Illustrated Properties

The stimulus efforts taken thus far have certainly helped buoy the economy. The key question is, has it provided the needed assistance to those most impacted by the pandemic? I am in favor of additional stimulus, but must qualify that with the following requirements; limited to the remainder of the unused funds allocated in the first round of stimulus, focused solely on industries and their employees that have been particularly hard hit by the pandemic (i.e. food/beverage establishments, travel/leisure industry, etc.), and aggressive due diligence efforts made to track/audit where funds go, and take swift action in the case of deception or outright fraud. This approach will ensure debt/deficit concerns are addressed, that the funds get in the hands of those who most need it, who in turn will put the money back to work in the economy, and that the infuriating fraud we have seen with the PPP program and state unemployment compensation schemes does not repeat itself.

Allan Prindle, president, CEO, Power Financial Credit Union

The longer the pandemic continues, the more pressing it will be to offer a second round of assistance. Revenues are severely suppressed especially for small businesses and nonprofits. At the very least, left over PPP and CARES funds should be reinvented to be made more useful, accessible and forgivable in a second round. I believe this is necessary to buffer the bottom line and keep people employed after December 2020.

Kerry-Ann Royes, CEO, YWCA South Florida

I believe a second stimulus will be needed to jump start the economy, however, there will need to be a very focused plan in place in regard to managing the post COVID debt situation.

Mindy Solomon, owner, director, Mindy Solomon Gallery

I do believe a second large stimulus is needed. Small businesses continue to suffer economic impacts, unemployment and underemployment remain high, and state and local governments are projecting large deficits. A stimulus is also being recommended by Federal Reserve Chair Powell and a large list of Fortune 500 CEOs. With historically low borrowing rates for the government, I don’t think deficits should be a concern, and if a consensus of economists thought that was the case, Congress has the ability to raise significant revenue through tax reform. Stimulus spending will also flow back into the economy raising additional revenue to offset stimulus spending.

Frank Steslow, president, CEO, Phillip and Patricia Frost Museum of Science

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THE MIAMI HERALD CEO ROUNDTABLE IS A WEEKLY FEATURE THAT APPEARS IN BUSINESS MONDAY OF THE MIAMI HERALD. RECENT QUESTIONS TO THE ROUNDTABLE HAVE INCLUDED:

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