After instructing the Treasury Department to cease negotiating with House Democrats over a new pandemic aid package until after the election, the White House has reversed course. The administration now says it intends to pursue several standalone measures outside of a unified package, said NBC. Specifically, the White House announced intentions to pass another round of $1,200 stimulus checks, plus other bills sending targeted aid to specific industries, as well as a revived Paycheck Protection Program made up of leftover aid funds from other packages.

The president, who recently left the hospital after contracting the coronavirus, first said on Tuesday that he was halting negotiations, asserting that Democrats were not arguing in good faith, given that they rejected the Treasury Secretary's offer, according to the Washington Post. Minutes after announcing the halt, the Dow Jones Industrial Average plunged by more than 400 points. Later that night, the president announced the reversal.

Hours before the original announcement of a halt in talks, Federal Reserve Chairman Jerome Powell spoke in favor of more stimulus, saying that the recovery has "a long way to go." He said that failing to provide more relief could "lead to a weak recovery, creating unnecessary hardship for households and businesses."

The latest announcement will likely have a very big impact on the business world. The Foundation for Accounting Education's upcoming Business and Industry Conference Part 1 and Part 2 webcast on Oct, 21 will cover topics of how business leaders are surviving this economic downturn.