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Senate Approves More Time to Spend Paycheck Protection Loans Senate Approves More Time to Spend Paycheck Protection Loans
(2 days later)
This briefing is no longer updating. The latest developments can be found here.This briefing is no longer updating. The latest developments can be found here.
The Senate gave final approval on Wednesday to a measure that would relax the terms of the Paycheck Protection Program, a federal loan program for small businesses struggling during the pandemic.The Senate gave final approval on Wednesday to a measure that would relax the terms of the Paycheck Protection Program, a federal loan program for small businesses struggling during the pandemic.
The bill, approved overwhelmingly by the House last week, would extend to 24 weeks from eight weeks the time that small businesses would have to spend the loan money. The eight-week period to spend the loan money was set to lapse within days for some businesses, leaving the Senate limited time to consider alternatives. The measure now heads to President Trump’s desk.The bill, approved overwhelmingly by the House last week, would extend to 24 weeks from eight weeks the time that small businesses would have to spend the loan money. The eight-week period to spend the loan money was set to lapse within days for some businesses, leaving the Senate limited time to consider alternatives. The measure now heads to President Trump’s desk.
The bill also would give companies greater flexibility to use the loan money on other business expenses, like utilities and rent, by lowering the amount required to be spent on payroll to 60 percent, from 75 percent.The bill also would give companies greater flexibility to use the loan money on other business expenses, like utilities and rent, by lowering the amount required to be spent on payroll to 60 percent, from 75 percent.
Republicans said that they generally favored revamping the program, which was created by the $2.2 trillion stimulus bill enacted in March. But an attempt to pass the bill by unanimous consent was delayed by Senator Ron Johnson, Republican of Wisconsin, who wanted a letter clarifying that the extension applied to the time frame to spend the loan money, not to the application period. Senator Mitch McConnell of Kentucky, the majority leader, submitted the letter just after 7 p.m.Republicans said that they generally favored revamping the program, which was created by the $2.2 trillion stimulus bill enacted in March. But an attempt to pass the bill by unanimous consent was delayed by Senator Ron Johnson, Republican of Wisconsin, who wanted a letter clarifying that the extension applied to the time frame to spend the loan money, not to the application period. Senator Mitch McConnell of Kentucky, the majority leader, submitted the letter just after 7 p.m.
The Paycheck Protection Program aims to help small businesses continue paying their workers by giving them access to government-backed loans that will be forgiven entirely if most of the money is spent on payroll costs.The Paycheck Protection Program aims to help small businesses continue paying their workers by giving them access to government-backed loans that will be forgiven entirely if most of the money is spent on payroll costs.
Stocks rose Wednesday, Wall Street’s fourth straight day of gains, as investors continued to zero in on prospects for the economy as they looked past other risks.Stocks rose Wednesday, Wall Street’s fourth straight day of gains, as investors continued to zero in on prospects for the economy as they looked past other risks.
The S&P 500 climbed 1.4 percent, and stocks in Europe were sharply higher.The S&P 500 climbed 1.4 percent, and stocks in Europe were sharply higher.
On Wednesday, a private report on payrolls that showed job cuts may be slowing helped lift shares in the United States. Business payrolls fell by 2.76 million last month, the ADP Research Institute said. The Bureau of Labor Statistics, or BLS, will release official May payroll figures on Friday.On Wednesday, a private report on payrolls that showed job cuts may be slowing helped lift shares in the United States. Business payrolls fell by 2.76 million last month, the ADP Research Institute said. The Bureau of Labor Statistics, or BLS, will release official May payroll figures on Friday.
“The ADP report isn’t always a reliable predictor of the BLS data, but it suggests that the pace of job loss moderated noticeably between April and May,” Daniel Silver, an economist at JPMorgan, wrote in a note to clients on Wednesday. “This is a message broadly consistent with some other related signals, and the labor market likely has benefited from the easing of restrictions on activity in many places in recent weeks.”“The ADP report isn’t always a reliable predictor of the BLS data, but it suggests that the pace of job loss moderated noticeably between April and May,” Daniel Silver, an economist at JPMorgan, wrote in a note to clients on Wednesday. “This is a message broadly consistent with some other related signals, and the labor market likely has benefited from the easing of restrictions on activity in many places in recent weeks.”
Companies with the most to gain as Americans begin to spend again were among the best performers. The Cheesecake Factory jumped more than 15 percent after the company said that restaurants it has reopened have recovered to about 75 percent of their sales levels from a year ago. The mall operator Simon Property Group was the best performing stock in the S&P 500.Companies with the most to gain as Americans begin to spend again were among the best performers. The Cheesecake Factory jumped more than 15 percent after the company said that restaurants it has reopened have recovered to about 75 percent of their sales levels from a year ago. The mall operator Simon Property Group was the best performing stock in the S&P 500.
Shares of Ford and General Motors climbed, after other automakers including Toyota reported a rise in sales from April to May. The major American auto companies now report sales on a quarterly basis.Shares of Ford and General Motors climbed, after other automakers including Toyota reported a rise in sales from April to May. The major American auto companies now report sales on a quarterly basis.
Investors have shrugged off a number of risks — from long-term economic damage caused by the coronavirus pandemic, to rising tension between the United States and China, to growing unrest in the United States — to bid stocks higher for weeks, as they cheered steps from the Federal Reserve and fiscal spending by Washington meant to help minimize damage from the pandemic.Investors have shrugged off a number of risks — from long-term economic damage caused by the coronavirus pandemic, to rising tension between the United States and China, to growing unrest in the United States — to bid stocks higher for weeks, as they cheered steps from the Federal Reserve and fiscal spending by Washington meant to help minimize damage from the pandemic.
Since March 23, when the Federal Reserve signaled its willingness to do whatever it took to stabilize financial markets, the S&P 500 has soared nearly 40 percent. It is now less than 10 percent below its pre-pandemic high.Since March 23, when the Federal Reserve signaled its willingness to do whatever it took to stabilize financial markets, the S&P 500 has soared nearly 40 percent. It is now less than 10 percent below its pre-pandemic high.
The video start-up Quibi had an inauspicious debut on April 6. Now its top executives are taking pay cuts.The video start-up Quibi had an inauspicious debut on April 6. Now its top executives are taking pay cuts.
Quibi’s leaders, Jeffrey Katzenberg and Meg Whitman, who raised $1.75 billion to build the short-form video app, informed the staff of the salary reductions in a memo on Wednesday.Quibi’s leaders, Jeffrey Katzenberg and Meg Whitman, who raised $1.75 billion to build the short-form video app, informed the staff of the salary reductions in a memo on Wednesday.
“Nothing has changed since our last company meeting two weeks ago,” they said in the memo. “Quibi is in a good financial position. As we said in that meeting, we will look for ways to tighten our belt. We are not laying off staff as a part of cost saving measures. We’ve recently added a dozen new Quibi employees.“Nothing has changed since our last company meeting two weeks ago,” they said in the memo. “Quibi is in a good financial position. As we said in that meeting, we will look for ways to tighten our belt. We are not laying off staff as a part of cost saving measures. We’ve recently added a dozen new Quibi employees.
“And in regard to tightening our belt,” they added, “our senior leadership team has volunteered to take a 10 percent pay cut because it’s the right thing to do.”“And in regard to tightening our belt,” they added, “our senior leadership team has volunteered to take a 10 percent pay cut because it’s the right thing to do.”
Quibi, which offers entertainment and news programs in five- to 10-minute chunks, has been downloaded 4.5 million times and has 1.6 million active users. In an interview with The New York Times last month, Mr. Katzenberg blamed the coronavirus pandemic for the slow start, saying Quibi had been designed for on-the-go viewing but came out during a nationwide lockdown.Quibi, which offers entertainment and news programs in five- to 10-minute chunks, has been downloaded 4.5 million times and has 1.6 million active users. In an interview with The New York Times last month, Mr. Katzenberg blamed the coronavirus pandemic for the slow start, saying Quibi had been designed for on-the-go viewing but came out during a nationwide lockdown.
The executive pay cuts were first reported by The Wall Street Journal.The executive pay cuts were first reported by The Wall Street Journal.
The Internal Revenue Service has distributed 159 million economic stimulus payments — worth a total of $267 billion over the past two months — the Treasury Department said on Wednesday.The Internal Revenue Service has distributed 159 million economic stimulus payments — worth a total of $267 billion over the past two months — the Treasury Department said on Wednesday.
The stimulus money was included in the $2 trillion economic relief package Congress approved in March. The payments provide about $1,200 per adult and $500 per child, although the amounts are smaller for people with higher incomes.The stimulus money was included in the $2 trillion economic relief package Congress approved in March. The payments provide about $1,200 per adult and $500 per child, although the amounts are smaller for people with higher incomes.
The I.R.S. made 120 million payments by direct deposit, 35 million by check and 4 million by prepaid debit card, Treasury said.The I.R.S. made 120 million payments by direct deposit, 35 million by check and 4 million by prepaid debit card, Treasury said.
The money is going to taxpayers whose information is on file with the I.R.S. and Treasury said households that have not yet received payments, such as those who do not file tax returns, can still submit their banking information and get their payments by the end of the year. Others can claim them when they file their 2020 tax returns.The money is going to taxpayers whose information is on file with the I.R.S. and Treasury said households that have not yet received payments, such as those who do not file tax returns, can still submit their banking information and get their payments by the end of the year. Others can claim them when they file their 2020 tax returns.
The White House and members of Congress have been debating whether to provide additional stimulus payments in future economic relief legislation, but no decisions have been made.The White House and members of Congress have been debating whether to provide additional stimulus payments in future economic relief legislation, but no decisions have been made.
AMC Theaters, the largest theater operator in the world, said in a financial filing on Wednesday that “substantial doubt exists about our ability to continue as a going concern for a reasonable period of time” because of the disruption caused by the coronavirus pandemic.AMC Theaters, the largest theater operator in the world, said in a financial filing on Wednesday that “substantial doubt exists about our ability to continue as a going concern for a reasonable period of time” because of the disruption caused by the coronavirus pandemic.
Moviegoing has essentially ceased around the country, with most multiplexes closed since March and new releases from major studios delayed. All AMC theaters are closed worldwide.Moviegoing has essentially ceased around the country, with most multiplexes closed since March and new releases from major studios delayed. All AMC theaters are closed worldwide.
“During this period, we are generating effectively no revenue,” the company said. It estimated that its net loss for the first quarter would be between $2.1 billion and $2.4 billion, compared to a $130.2 million loss in the same period last year.“During this period, we are generating effectively no revenue,” the company said. It estimated that its net loss for the first quarter would be between $2.1 billion and $2.4 billion, compared to a $130.2 million loss in the same period last year.
In April, AMC took on $500 million in new debt, pushing its total to $5.3 billion, which it said would allow it to withstand closures around the world into November.In April, AMC took on $500 million in new debt, pushing its total to $5.3 billion, which it said would allow it to withstand closures around the world into November.
In its filing, it said it believed it had enough cash on hand to resume operations “this summer or later.” It cautioned that factors like not producing needed revenues even when it does open and another suspension of operations could force it to seek additional financing.In its filing, it said it believed it had enough cash on hand to resume operations “this summer or later.” It cautioned that factors like not producing needed revenues even when it does open and another suspension of operations could force it to seek additional financing.
The pandemic closures came as theaters were already feeling pressured by streaming’s rising popularity. Since theaters have been shut, some studios have released new movies through video services. In April, Universal successfully rolled out “Trolls World Tour” that way and said it planned to make more movies available to home viewers — without exclusive theatrical runs — even when theaters reopen. AMC responded by saying it would no longer book any of the studio’s films.The pandemic closures came as theaters were already feeling pressured by streaming’s rising popularity. Since theaters have been shut, some studios have released new movies through video services. In April, Universal successfully rolled out “Trolls World Tour” that way and said it planned to make more movies available to home viewers — without exclusive theatrical runs — even when theaters reopen. AMC responded by saying it would no longer book any of the studio’s films.
The Federal Reserve announced on Wednesday that it will expand its municipal bond-buying program, allowing two cities or counties in each state to sell their debt to the central bank, regardless of their population.The Federal Reserve announced on Wednesday that it will expand its municipal bond-buying program, allowing two cities or counties in each state to sell their debt to the central bank, regardless of their population.
The Fed’s program, first announced on April 9, was previously able to buy only from cities with populations of 250,000 or more and counties with populations of at least 500,000. Those larger cities and counties, along with some multistate entities, remain eligible to sell notes of up to 36 months to the central bank’s facility.The Fed’s program, first announced on April 9, was previously able to buy only from cities with populations of 250,000 or more and counties with populations of at least 500,000. Those larger cities and counties, along with some multistate entities, remain eligible to sell notes of up to 36 months to the central bank’s facility.
Governors of each state will also be able to designate two bond issuers whose revenues come from operating government activities — such as public transit, airports or toll facilities — to use the program.Governors of each state will also be able to designate two bond issuers whose revenues come from operating government activities — such as public transit, airports or toll facilities — to use the program.
The Fed is using its emergency lending powers, which it can tap at times of serious economic stress, to buy state and local debt as a way to keep markets functioning normally. The purchases are protected against loss by $35 billion in backing from the Treasury Department, a portion of a $454 billion pot Congress earmarked to support Fed lending programs in the $2 trillion stimulus package.The Fed is using its emergency lending powers, which it can tap at times of serious economic stress, to buy state and local debt as a way to keep markets functioning normally. The purchases are protected against loss by $35 billion in backing from the Treasury Department, a portion of a $454 billion pot Congress earmarked to support Fed lending programs in the $2 trillion stimulus package.
The program, which can buy up to $500 billion in municipal notes, became operational on May 26.The program, which can buy up to $500 billion in municipal notes, became operational on May 26.
The Trump administration on Wednesday said that it planned to block Chinese airlines from flying into or out of the United States starting on June 16 after the Chinese government effectively prevented U.S. airlines from resuming service between the countries.The Trump administration on Wednesday said that it planned to block Chinese airlines from flying into or out of the United States starting on June 16 after the Chinese government effectively prevented U.S. airlines from resuming service between the countries.
The dispute stems from a March 26 decision by China’s aviation regulators that limited foreign carriers to one flight per week based on the flight schedules they had in place earlier that month. But all three U.S. airlines that fly between China and the United States had stopped all service to the country by then because of the coronavirus pandemic. As a result, the Chinese government had effectively banned them from flying between the two countries. Chinese airlines, by contrast, have been flying to American cities.The dispute stems from a March 26 decision by China’s aviation regulators that limited foreign carriers to one flight per week based on the flight schedules they had in place earlier that month. But all three U.S. airlines that fly between China and the United States had stopped all service to the country by then because of the coronavirus pandemic. As a result, the Chinese government had effectively banned them from flying between the two countries. Chinese airlines, by contrast, have been flying to American cities.
Updated June 12, 2020Updated June 12, 2020
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.
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.
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.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
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.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.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
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.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.
Delta Air Lines and United Airlines had hoped to resume flights to China this month.Delta Air Lines and United Airlines had hoped to resume flights to China this month.
Both companies appealed to the Civil Aviation Authority of China but did not receive a response. The U.S. Transportation Department also pressed Chinese officials to allow flights by American companies during a call on May 14, arguing that China was violating a 1980 agreement that governs flights between the countries and aims to ensure that rules “equally apply to all domestic and foreign carriers” in both countries.Both companies appealed to the Civil Aviation Authority of China but did not receive a response. The U.S. Transportation Department also pressed Chinese officials to allow flights by American companies during a call on May 14, arguing that China was violating a 1980 agreement that governs flights between the countries and aims to ensure that rules “equally apply to all domestic and foreign carriers” in both countries.
Canada Goose, the seller of $1,000 down-filled jackets, reported on Wednesday a fourth quarter sales decline of 10 percent, after cutting about 20 percent of its corporate work force last month amid the pandemic.Canada Goose, the seller of $1,000 down-filled jackets, reported on Wednesday a fourth quarter sales decline of 10 percent, after cutting about 20 percent of its corporate work force last month amid the pandemic.
While the company, which is based in Toronto, said publicly that it cut just 2.5 percent of its global work force when it laid off 125 people last month, it said in internal communications obtained by The New York Times that the figure represented roughly 20 percent of corporate employees. The brand notified employees, who have been working remotely, of their terminations through brief, unexpected calls on the morning of May 20, according to five laid off workers, who spoke on the condition of anonymity to protect future job prospects.While the company, which is based in Toronto, said publicly that it cut just 2.5 percent of its global work force when it laid off 125 people last month, it said in internal communications obtained by The New York Times that the figure represented roughly 20 percent of corporate employees. The brand notified employees, who have been working remotely, of their terminations through brief, unexpected calls on the morning of May 20, according to five laid off workers, who spoke on the condition of anonymity to protect future job prospects.
“This is not a reflection on the brand — we are very strong globally — but rather follows what we expect from consumer behavior over the next year,” Penny Brook, chief marketing officer at Canada Goose, said in a May 20 internal email to her marketing team. “Very simply put, we expect to be a smaller organization — and we were staffed to be a larger one.”“This is not a reflection on the brand — we are very strong globally — but rather follows what we expect from consumer behavior over the next year,” Penny Brook, chief marketing officer at Canada Goose, said in a May 20 internal email to her marketing team. “Very simply put, we expect to be a smaller organization — and we were staffed to be a larger one.”
Joblessness in Europe ticked up slightly in April, the second month after most countries implemented coronavirus quarantines, as government-backed furlough programs designed to limit mass unemployment cushioned the blow of a devastating economic downturn.Joblessness in Europe ticked up slightly in April, the second month after most countries implemented coronavirus quarantines, as government-backed furlough programs designed to limit mass unemployment cushioned the blow of a devastating economic downturn.
But many national financial support programs are set to run out soon, making it likely that joblessness will continue to march higher in Europe over the coming months, economists said.But many national financial support programs are set to run out soon, making it likely that joblessness will continue to march higher in Europe over the coming months, economists said.
The eurozone unemployment rate rose to 7.3 percent from 7.1 percent in March, although it was down from 7.6 percent a year ago. Around 12 million people in the 19 countries that use the euro were registered as unemployed, a relatively low number compared with the United States, where more than 40 million people have filed claims for jobless benefits since the start of the pandemic.The eurozone unemployment rate rose to 7.3 percent from 7.1 percent in March, although it was down from 7.6 percent a year ago. Around 12 million people in the 19 countries that use the euro were registered as unemployed, a relatively low number compared with the United States, where more than 40 million people have filed claims for jobless benefits since the start of the pandemic.
European governments have vowed to spend trillions of euros to keep people partially employed and support businesses amid the coronavirus crisis. Since March, France, Germany, Denmark and other countries have effectively been paying businesses not to lay people off and to keep them on standby when their economies reopened. Around one-third of all employees in Europe participated in short-time work schemes at the end of April, according to a study by the European Trade Union Institute.European governments have vowed to spend trillions of euros to keep people partially employed and support businesses amid the coronavirus crisis. Since March, France, Germany, Denmark and other countries have effectively been paying businesses not to lay people off and to keep them on standby when their economies reopened. Around one-third of all employees in Europe participated in short-time work schemes at the end of April, according to a study by the European Trade Union Institute.
“As the recovery is likely going to last for quite some time, unemployment is set to rise significantly, although short-time work will help output to recover more quickly once demand returns,” Bert Colijn, the senior eurozone economist at ING bank, wrote in a note to clients.“As the recovery is likely going to last for quite some time, unemployment is set to rise significantly, although short-time work will help output to recover more quickly once demand returns,” Bert Colijn, the senior eurozone economist at ING bank, wrote in a note to clients.
As the pandemic upends work and home life, women have carried an outsized share of the burden, more likely to lose a job and more likely to shoulder the load of closed schools and day care. For many working mothers, the gradual reopening of the economy won’t solve their problems, but will compound them, writes The New York Times’s Patricia Cohen and Tiffany Hsu.As the pandemic upends work and home life, women have carried an outsized share of the burden, more likely to lose a job and more likely to shoulder the load of closed schools and day care. For many working mothers, the gradual reopening of the economy won’t solve their problems, but will compound them, writes The New York Times’s Patricia Cohen and Tiffany Hsu.
If parents are called back to the workplace before day care and other support for family needs is available, they may need to limit their hours or leave the labor force altogether. And such choices are far more likely to face women than men.If parents are called back to the workplace before day care and other support for family needs is available, they may need to limit their hours or leave the labor force altogether. And such choices are far more likely to face women than men.
Parents in the United States have nearly doubled the time they were spending on education and household tasks before the coronavirus outbreak, to 59 hours per week from 30, with mothers spending 15 hours more on average than fathers, according to a report from Boston Consulting Group.Parents in the United States have nearly doubled the time they were spending on education and household tasks before the coronavirus outbreak, to 59 hours per week from 30, with mothers spending 15 hours more on average than fathers, according to a report from Boston Consulting Group.
The inequities that existed before are now “on steroids,” said Claudia Goldin, an economics professor at Harvard University. Since workplaces tend to reward hours logged, she said, women are at a further disadvantage. “As work opens up, husbands have an edge,” Ms. Goldin said, and if the husband works more, his wife is going to have to work less.The inequities that existed before are now “on steroids,” said Claudia Goldin, an economics professor at Harvard University. Since workplaces tend to reward hours logged, she said, women are at a further disadvantage. “As work opens up, husbands have an edge,” Ms. Goldin said, and if the husband works more, his wife is going to have to work less.
Electric bikes, the battery-powered two-wheelers, have become a compelling alternative for commuters who are being discouraged from taking public transportation and Ubers. For others, the bikes provide much-needed fresh air after months of confinement.Electric bikes, the battery-powered two-wheelers, have become a compelling alternative for commuters who are being discouraged from taking public transportation and Ubers. For others, the bikes provide much-needed fresh air after months of confinement.
So it’s no surprise that e-bikes are now as difficult to buy as a bottle of hand sanitizer was a few weeks ago. In March, sales of e-bikes jumped 85 percent from a year earlier, according to the NPD Group, a research firm. Amazon, Walmart and Specialized are sold out of most models. Even smaller brands like Ride1Up and VanMoof have waiting lists.So it’s no surprise that e-bikes are now as difficult to buy as a bottle of hand sanitizer was a few weeks ago. In March, sales of e-bikes jumped 85 percent from a year earlier, according to the NPD Group, a research firm. Amazon, Walmart and Specialized are sold out of most models. Even smaller brands like Ride1Up and VanMoof have waiting lists.
“I was convinced that e-bikes would completely change cities all over the world in the next 10 years, but it seems like because of this crisis, suddenly it’s all happening in the next three or four months,” said Taco Carlier, the chief executive of VanMoof, which is based in Amsterdam.“I was convinced that e-bikes would completely change cities all over the world in the next 10 years, but it seems like because of this crisis, suddenly it’s all happening in the next three or four months,” said Taco Carlier, the chief executive of VanMoof, which is based in Amsterdam.
If you are contemplating an e-bike purchase, there are trade-offs to consider, writes Brian Chen. For one, the battery packs and motors add bulk. For another, these ostentatious bikes may lure thieves.If you are contemplating an e-bike purchase, there are trade-offs to consider, writes Brian Chen. For one, the battery packs and motors add bulk. For another, these ostentatious bikes may lure thieves.
Reporting was contributed by Emily Cochrane, Nicole Sperling, Alan Rapaport, Matt Phillips, Jeanna Smialek, Niraj Chokshi, Sapna Maheshwari, Connor Ennis, Patricia Cohen, Tiffany Hsu, Liz Alderman, Mohammed Hadi, Brian X. Chen, Kevin Williams, Neal E. Boudette, Kate Conger, Rich Barbieri and Gregory Schmidt.Reporting was contributed by Emily Cochrane, Nicole Sperling, Alan Rapaport, Matt Phillips, Jeanna Smialek, Niraj Chokshi, Sapna Maheshwari, Connor Ennis, Patricia Cohen, Tiffany Hsu, Liz Alderman, Mohammed Hadi, Brian X. Chen, Kevin Williams, Neal E. Boudette, Kate Conger, Rich Barbieri and Gregory Schmidt.