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Small-Business Relief Effort ‘a Mess’ Small-Business Relief Effort ‘a Mess’
(about 4 hours later)
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.
A $349 billion relief program to help small businesses cover their payroll costs for up to eight weeks will be “up and running tomorrow,” Treasury Secretary Steven Mnuchin said at the White House briefing on Thursday.A $349 billion relief program to help small businesses cover their payroll costs for up to eight weeks will be “up and running tomorrow,” Treasury Secretary Steven Mnuchin said at the White House briefing on Thursday.
But banks and other lenders that are expected to make the loans warned that the relief effort, known as the paycheck protection program, was going to have a rocky start. Late on Thursday, they were still waiting for critical technical guidance about how to make the loans, and pushing back on terms they warned were onerous.But banks and other lenders that are expected to make the loans warned that the relief effort, known as the paycheck protection program, was going to have a rocky start. Late on Thursday, they were still waiting for critical technical guidance about how to make the loans, and pushing back on terms they warned were onerous.
Brock Blake, the chief executive of Lendio, a marketplace that connects borrowers and lenders, tweeted: “Wow. What a mess!”Brock Blake, the chief executive of Lendio, a marketplace that connects borrowers and lenders, tweeted: “Wow. What a mess!”
The lenders appear to have won one concession. Mr. Mnuchin said the interest rates paid by borrowers on the loans would be increased to 1 percent from 0.5 percent after banks protested that they would lose money servicing the loans unless the rate was raised.The lenders appear to have won one concession. Mr. Mnuchin said the interest rates paid by borrowers on the loans would be increased to 1 percent from 0.5 percent after banks protested that they would lose money servicing the loans unless the rate was raised.
The banks were still waiting, however, for guidance about how to underwrite the loans and how the government would handle a provision promising forgiveness for businesses that used the money to retain or rehire workers.The banks were still waiting, however, for guidance about how to underwrite the loans and how the government would handle a provision promising forgiveness for businesses that used the money to retain or rehire workers.
Mr. Mnuchin said borrowers would be able to apply for the loans and receive them quickly: “You get the money, you get it the same day.”Mr. Mnuchin said borrowers would be able to apply for the loans and receive them quickly: “You get the money, you get it the same day.”
But industry executives said there was virtually no chance of that happening on Friday. Even as Mr. Mnuchin was speaking, lenders still had “nothing” in the way of guidance on critical loan issues, said Tony Wilkinson, the chief executive of the National Association of Government Guaranteed Lenders, an industry trade group.But industry executives said there was virtually no chance of that happening on Friday. Even as Mr. Mnuchin was speaking, lenders still had “nothing” in the way of guidance on critical loan issues, said Tony Wilkinson, the chief executive of the National Association of Government Guaranteed Lenders, an industry trade group.
Chase updated its website on Thursday night to say it was still awaiting information on the program and “as a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped.”Chase updated its website on Thursday night to say it was still awaiting information on the program and “as a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped.”
Mr. Mnuchin also said that his agency and the Small Business Administration had “brought in a lot of external resources” for the program. Jovita Carranza, the small-business administrator, said they were working with partners from the government and the private sector to “make our systems as robust as possible to meet the needs.”Mr. Mnuchin also said that his agency and the Small Business Administration had “brought in a lot of external resources” for the program. Jovita Carranza, the small-business administrator, said they were working with partners from the government and the private sector to “make our systems as robust as possible to meet the needs.”
Neither official named any companies involved in the effort. But they may draw on the assistance of major firms in cloud computing and financial services in distributing the loans, which are meant to help shuttered businesses make payroll.Neither official named any companies involved in the effort. But they may draw on the assistance of major firms in cloud computing and financial services in distributing the loans, which are meant to help shuttered businesses make payroll.
Oil prices surged, setting off a rally in shares of energy companies, after President Trump said on Thursday that he expected that Saudi Arabia and Russia would substantially cut their oil production to halt the collapse of prices.Oil prices surged, setting off a rally in shares of energy companies, after President Trump said on Thursday that he expected that Saudi Arabia and Russia would substantially cut their oil production to halt the collapse of prices.
Mr. Trump said in a tweet that he had spoken with Crown Prince Mohammed bin Salman, who had spoken with President Vladimir V. Putin. “I expect & hope that they will be cutting back approximately 10 million barrels,” he said. That figure represents about 10 percent of normal global consumption. The president later said the cut could be as much as 15 million barrels.Mr. Trump said in a tweet that he had spoken with Crown Prince Mohammed bin Salman, who had spoken with President Vladimir V. Putin. “I expect & hope that they will be cutting back approximately 10 million barrels,” he said. That figure represents about 10 percent of normal global consumption. The president later said the cut could be as much as 15 million barrels.
Saudi Arabia called on Thursday for an urgent meeting of the Organization of the Petroleum Exporting Countries and other oil-producing countries with the “aim of reaching a fair agreement to restore” balance in the oil markets. The Saudis said in a statement that they were acting to support the global economy and in “appreciation” of Mr. Trump’s request.Saudi Arabia called on Thursday for an urgent meeting of the Organization of the Petroleum Exporting Countries and other oil-producing countries with the “aim of reaching a fair agreement to restore” balance in the oil markets. The Saudis said in a statement that they were acting to support the global economy and in “appreciation” of Mr. Trump’s request.
The Kremlin denied that Mr. Putin had spoken to the Saudi crown prince, as Mr. Trump had said in his Twitter message. “No, there was no conversation,” Dmitri S. Peskov, spokesman for Mr. Putin, told the Interfax news agency.The Kremlin denied that Mr. Putin had spoken to the Saudi crown prince, as Mr. Trump had said in his Twitter message. “No, there was no conversation,” Dmitri S. Peskov, spokesman for Mr. Putin, told the Interfax news agency.
Still, crude oil futures, which had already been climbing on Thursday, surged and shares of oil and gas companies rallied. West Texas Intermediate, the U.S. crude benchmark, rose about 25 percent, and Occidental Petroleum was the best performing stock in the S&P 500, with a gain of about 19 percent. Apache rose nearly 17 percent, and Halliburton gained more than 13 percent.Still, crude oil futures, which had already been climbing on Thursday, surged and shares of oil and gas companies rallied. West Texas Intermediate, the U.S. crude benchmark, rose about 25 percent, and Occidental Petroleum was the best performing stock in the S&P 500, with a gain of about 19 percent. Apache rose nearly 17 percent, and Halliburton gained more than 13 percent.
The rally bolstered the stock market, with the S&P 500 ending the day up more than 2 percent.The rally bolstered the stock market, with the S&P 500 ending the day up more than 2 percent.
Oil prices had been hammered as the coronavirus pandemic all but eliminated travel and damped demand for energy. A price war that broke out between Saudi Arabia and Russia last month intensified the decline. After the countries failed to reach a deal on production cuts, both instead increased output in an effort to gain market share.Oil prices had been hammered as the coronavirus pandemic all but eliminated travel and damped demand for energy. A price war that broke out between Saudi Arabia and Russia last month intensified the decline. After the countries failed to reach a deal on production cuts, both instead increased output in an effort to gain market share.
The combination of slumping demand and the contest between two of the world’s largest oil producers had pushed crude oil prices down by 55 percent in March alone, wreaking havoc on the energy industry, with oil companies slashing budgets, and refineries cutting production of gasoline, diesel and jet fuel.The combination of slumping demand and the contest between two of the world’s largest oil producers had pushed crude oil prices down by 55 percent in March alone, wreaking havoc on the energy industry, with oil companies slashing budgets, and refineries cutting production of gasoline, diesel and jet fuel.
The possibility of some relief to the industry was also welcomed by stock investors looking for some good news. Earlier on Thursday, a report on jobless claims showed that 6.6 million Americans filed for unemployment benefits last week in the latest sign of the economic damage wrought by the coronavirus pandemic.The possibility of some relief to the industry was also welcomed by stock investors looking for some good news. Earlier on Thursday, a report on jobless claims showed that 6.6 million Americans filed for unemployment benefits last week in the latest sign of the economic damage wrought by the coronavirus pandemic.
Businesses dependent on consumer spending were battered as a result. Retailers ranging from Gap to Walgreens Boots Alliance fell. Live Nation Entertainment, which produces concerts and sells tickets to events, was one of the worst-performing stocks in the S&P 500, after falling about 13 percent. Kohl’s fell about 10 percent.Businesses dependent on consumer spending were battered as a result. Retailers ranging from Gap to Walgreens Boots Alliance fell. Live Nation Entertainment, which produces concerts and sells tickets to events, was one of the worst-performing stocks in the S&P 500, after falling about 13 percent. Kohl’s fell about 10 percent.
More than 6.6 million people filed new claims for unemployment benefits last week, the Labor Department said Thursday, setting a grim record for the second straight week.More than 6.6 million people filed new claims for unemployment benefits last week, the Labor Department said Thursday, setting a grim record for the second straight week.
The latest claims brought the two-week total to nearly 10 million.The latest claims brought the two-week total to nearly 10 million.
The speed and scale of the job losses is without precedent. Until last month, the worst week for unemployment filings was 695,000 in 1982.The speed and scale of the job losses is without precedent. Until last month, the worst week for unemployment filings was 695,000 in 1982.
“What usually takes months or quarters to happen in a recession is happening in a matter of weeks,” said Michelle Meyer, chief U.S. economist for Bank of America Merrill Lynch.“What usually takes months or quarters to happen in a recession is happening in a matter of weeks,” said Michelle Meyer, chief U.S. economist for Bank of America Merrill Lynch.
A month ago, most forecasters still thought the United States could avoid a recession. Today, with the pandemic shuttering businesses and forcing vast layoffs, many economists are expecting a decline in gross domestic product that rivals the worst periods of the Great Depression.A month ago, most forecasters still thought the United States could avoid a recession. Today, with the pandemic shuttering businesses and forcing vast layoffs, many economists are expecting a decline in gross domestic product that rivals the worst periods of the Great Depression.
Treasury Secretary Steven Mnuchin said he has tapped three Wall Street investment banking firms to advise the government on its bailout of the airline industry and other companies that are critical to national security.Treasury Secretary Steven Mnuchin said he has tapped three Wall Street investment banking firms to advise the government on its bailout of the airline industry and other companies that are critical to national security.
As part of the economic relief package passed by Congress last week, Mr. Mnuchin has allocated more than $40 billion in money to rescue the airlines and other companies that are important for national security. The government will take equity stakes or other forms of compensation in exchange for propping up the businesses.As part of the economic relief package passed by Congress last week, Mr. Mnuchin has allocated more than $40 billion in money to rescue the airlines and other companies that are important for national security. The government will take equity stakes or other forms of compensation in exchange for propping up the businesses.
At a news conference on Thursday, Mr. Mnuchin said he picked PJT Partners, Moelis and Perella Weinberg Partners to serve as outside advisers to the effort.At a news conference on Thursday, Mr. Mnuchin said he picked PJT Partners, Moelis and Perella Weinberg Partners to serve as outside advisers to the effort.
Updated June 22, 2020 Updated June 24, 2020
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
PJT will be focused on the airlines, Moelis will focus on cargo carriers and Perella Weinberg will concentrate on other companies, such as Boeing. Mr. Mnuchin said that the firms would be charging the rate they use for work for charities, and the contracts would be made public.PJT will be focused on the airlines, Moelis will focus on cargo carriers and Perella Weinberg will concentrate on other companies, such as Boeing. Mr. Mnuchin said that the firms would be charging the rate they use for work for charities, and the contracts would be made public.
“No big fees to bankers,” Mr. Mnuchin said. The Treasury has also selected three law firms to be part of the process. Mr. Mnuchin did not disclose their names.“No big fees to bankers,” Mr. Mnuchin said. The Treasury has also selected three law firms to be part of the process. Mr. Mnuchin did not disclose their names.
As the coronavirus pandemic worsens and more Americans are told to stay home to avoid spreading the virus, retailers are responding by extending store closings and providing protection to workers in stores that remain open.As the coronavirus pandemic worsens and more Americans are told to stay home to avoid spreading the virus, retailers are responding by extending store closings and providing protection to workers in stores that remain open.
Lululemon said on Thursday that its stores in North America and other countries would remain closed until it was safe to reopen and that it would keep employees on the payroll through June 1, even if the stores remain shuttered.Lululemon said on Thursday that its stores in North America and other countries would remain closed until it was safe to reopen and that it would keep employees on the payroll through June 1, even if the stores remain shuttered.
The company’s senior leaders will take a 20 percent salary cut for three months, and its board will forgo a cash retainer, resources that will go toward a fund for Lululemon employees “facing Covid-19 related hardships.”The company’s senior leaders will take a 20 percent salary cut for three months, and its board will forgo a cash retainer, resources that will go toward a fund for Lululemon employees “facing Covid-19 related hardships.”
The athleisure retailer, which recently hit $4 billion in annual sales, will continue to sell its goods online.The athleisure retailer, which recently hit $4 billion in annual sales, will continue to sell its goods online.
Bed Bath & Beyond said that it would extend its temporary store closures in the United States and Canada until “at least” May 2. Its Buy Buy Baby and Harmon stores continue to operate based on state and local regulations.Bed Bath & Beyond said that it would extend its temporary store closures in the United States and Canada until “at least” May 2. Its Buy Buy Baby and Harmon stores continue to operate based on state and local regulations.
The chain said it would furlough most store associates and “a portion” of corporate associates until at least May 2. Bed Bath & Beyond said staff affected by its announcement would receive pay and benefits through April 18.The chain said it would furlough most store associates and “a portion” of corporate associates until at least May 2. Bed Bath & Beyond said staff affected by its announcement would receive pay and benefits through April 18.
And Target said on Thursday that it would supply face masks and gloves to its more than 350,000 workers in stores and distribution centers, following a similar announcement by Walmart this week. The chain said that starting on Saturday, it would also monitor and potentially limit customer traffic in stores to promote social distancing. Target said that it had already put up signs to promote social distancing, and added plexiglass partitions at registers.And Target said on Thursday that it would supply face masks and gloves to its more than 350,000 workers in stores and distribution centers, following a similar announcement by Walmart this week. The chain said that starting on Saturday, it would also monitor and potentially limit customer traffic in stores to promote social distancing. Target said that it had already put up signs to promote social distancing, and added plexiglass partitions at registers.
The Congressional Budget Office said on Thursday that it expected unemployment to top 10 percent for the second quarter of 2020 and the economy to contract by 7 percent as the coronavirus takes a toll on economic activity in the United States.The Congressional Budget Office said on Thursday that it expected unemployment to top 10 percent for the second quarter of 2020 and the economy to contract by 7 percent as the coronavirus takes a toll on economic activity in the United States.
In a blog post on Thursday, the director of the budget office, Phillip Swagel, wrote the decline “could be much larger” and that the virus had made any economic forecasts highly uncertain.In a blog post on Thursday, the director of the budget office, Phillip Swagel, wrote the decline “could be much larger” and that the virus had made any economic forecasts highly uncertain.
Mr. Swagel said the unemployment rate could have reached 12 percent if not for the expected effects of the $2.2 trillion economic rescue package that President Trump signed last week.Mr. Swagel said the unemployment rate could have reached 12 percent if not for the expected effects of the $2.2 trillion economic rescue package that President Trump signed last week.
More ominously, the office does not expect a quick return to rapid economic growth later this year. Instead, Mr. Swagel wrote that its analysts “expected the effects of job losses and business closures to be felt for some time” with the unemployment rate remaining at 9 percent by the end of 2021.More ominously, the office does not expect a quick return to rapid economic growth later this year. Instead, Mr. Swagel wrote that its analysts “expected the effects of job losses and business closures to be felt for some time” with the unemployment rate remaining at 9 percent by the end of 2021.
Disney, the world’s largest entertainment company, with 227,000 employees worldwide, said on Thursday that it would furlough nonessential workers across its businesses starting April 19, making them eligible for compensation through the government stimulus. A Disney spokeswoman declined to say how many employees could be affected.Disney, the world’s largest entertainment company, with 227,000 employees worldwide, said on Thursday that it would furlough nonessential workers across its businesses starting April 19, making them eligible for compensation through the government stimulus. A Disney spokeswoman declined to say how many employees could be affected.
Furloughed employees will continue to receive full health care benefits. Disney will cover premiums.Furloughed employees will continue to receive full health care benefits. Disney will cover premiums.
Disney has become the entertainment industry’s biggest coronavirus casualty. With its biggest division (theme parks and consumer products) essentially closed, its movie and TV studios idled, its ESPN operation with no live sports to broadcast, and a new chief executive (Bob Chapek) running things on a day-to-day basis, Disney’s market capitalization has fallen by more than $50 billion over the last month.Disney has become the entertainment industry’s biggest coronavirus casualty. With its biggest division (theme parks and consumer products) essentially closed, its movie and TV studios idled, its ESPN operation with no live sports to broadcast, and a new chief executive (Bob Chapek) running things on a day-to-day basis, Disney’s market capitalization has fallen by more than $50 billion over the last month.
Most of Disney’s workers are employed at theme parks. Walt Disney World in Florida ranks as the largest single-site employer in the United States with roughly 75,000 employees. Disneyland in California employs about 24,000 people. Disney closed its domestic parks the weekend of March 13. Disney said last week that it would continue to pay its parks employees until April 18.Most of Disney’s workers are employed at theme parks. Walt Disney World in Florida ranks as the largest single-site employer in the United States with roughly 75,000 employees. Disneyland in California employs about 24,000 people. Disney closed its domestic parks the weekend of March 13. Disney said last week that it would continue to pay its parks employees until April 18.
Delta Air Lines told employees that it would allow flight attendants, baggage handlers, gate agents and other so-called front-line employees who were concerned about the coronavirus to stay home and still get paid. Any employee concerned for their safety would be allowed to take voluntary leave and continue to be paid “in some form,” according to an internal memo to managers that was viewed by The New York Times.Delta Air Lines told employees that it would allow flight attendants, baggage handlers, gate agents and other so-called front-line employees who were concerned about the coronavirus to stay home and still get paid. Any employee concerned for their safety would be allowed to take voluntary leave and continue to be paid “in some form,” according to an internal memo to managers that was viewed by The New York Times.
A partnership between Ben Silbermann, chief executive of technology company Pinterest, and research groups at institutions and universities including Stanford University and University of Pennsylvania, introduced a new app called How We Feel. The app allows people to report their symptoms to scientists, doctors and public health professionals to aid in research and tracking of the coronavirus.A partnership between Ben Silbermann, chief executive of technology company Pinterest, and research groups at institutions and universities including Stanford University and University of Pennsylvania, introduced a new app called How We Feel. The app allows people to report their symptoms to scientists, doctors and public health professionals to aid in research and tracking of the coronavirus.
Governors and mayors across the country are answering questions about the virus on Twitter, using the hashtags #AsktheGov and #AsktheMayor. Governors from Rhode Island, California, Washington, Illinois and 10 other states took questions on Thursday, while mayors from at least nine cities said they would answer questions on Friday.Governors and mayors across the country are answering questions about the virus on Twitter, using the hashtags #AsktheGov and #AsktheMayor. Governors from Rhode Island, California, Washington, Illinois and 10 other states took questions on Thursday, while mayors from at least nine cities said they would answer questions on Friday.
Amazon said on Thursday that it was restricting the sale of N95 masks and large bottles of hand sanitizer to hospitals and government agencies to ease the supply shortages of medical supplies from the coronavirus. It said small-volume bottles of hand sanitizer and disinfectant wipes for personal use would remain available on the site.Amazon said on Thursday that it was restricting the sale of N95 masks and large bottles of hand sanitizer to hospitals and government agencies to ease the supply shortages of medical supplies from the coronavirus. It said small-volume bottles of hand sanitizer and disinfectant wipes for personal use would remain available on the site.
Reporting was contributed by Brooks Barnes, Stacy Cowley, David McCabe, Kenneth Vogel, Alan Rappeport, Sapna Maheshwari, Nicole Sperling, Niraj Chokshi, Jim Tankersley, Peter Eavis, Stanley Reed, Ben Casselman, Patricia Cohen, Clifford Krauss, Andrew E. Kramer, Mary Williams Walsh, Keith Bradsher, Neal E. Boudette, Kate Conger, Daisuke Wakabayashi, Stefanos Chen, Keith Collins, David Yaffe-Bellany, Mohammed Hadi, Carlos Tejada and Daniel Victor.Reporting was contributed by Brooks Barnes, Stacy Cowley, David McCabe, Kenneth Vogel, Alan Rappeport, Sapna Maheshwari, Nicole Sperling, Niraj Chokshi, Jim Tankersley, Peter Eavis, Stanley Reed, Ben Casselman, Patricia Cohen, Clifford Krauss, Andrew E. Kramer, Mary Williams Walsh, Keith Bradsher, Neal E. Boudette, Kate Conger, Daisuke Wakabayashi, Stefanos Chen, Keith Collins, David Yaffe-Bellany, Mohammed Hadi, Carlos Tejada and Daniel Victor.