Bank Leader Discusses Economic Effects of Pandemic

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As local businesses reopen, there are lingering concerns about the long term economic impact of the COVID-19 pandemic. Regional president of PNC Bank, Ric Devore, told Michigan News Network this week the federal government is making important changes to assistance programs.

“I think the good thing here is the PPP program, just recently Congress has made some changes to that,” Devore said. “How much can go toward other things besides payroll, now 75% to 60%. I’ve talked to a lot of clients who have asked – some of their employees don’t want to come back, so what ramifications does that have?”

Devore says many businesses still face an uncertain future, and consumer sentiment will be key part to the recovery. He added the fate of metro Detroit restaurants remains unclear, especially with rules limiting businesses to 50% capacity.