As lawmakers debate various policies and relief measures, a different type of stimulus package will soon be available to the business community: COVID-19 vaccines.
The arrival of vaccines is a big deal for businesses, which have been battered by the pandemic.
Survey data published in the Proceedings of the National Academy of Sciences showed that early in the outbreak, more than 40% of the 5,800 businesses surveyed temporarily closed. Nearly all of these closures were because of COVID-19.
What's more, in the first 10 months of 2020, according to a report from the Brookings Institution, small business revenue dropped by 20%. That's in part because people changed their behaviors to slow the spread of a deadly virus.
With the arrival of highly effective COVID-19 vaccines, there's hope for an improved economic outlook.
Consider a readout from the most recent Federal Reserve meeting: "They saw progress on vaccinations as essential for supporting further gains in aggregate consumer spending and for the economic recovery more generally."
This upside to vaccines should have business leaders laser-focused on achieving high rates of workforce vaccination.
Right now, there are several things business leaders should do to prime their colleagues for the day when vaccines become more widely available: