The stimulus package includes more than $370 billion in government-backed bank loans that, in some cases, borrowers won’t have to repay.
Heather LongThis is key--> Everyone wants to save small biz.
But it could take at least 2 weeks after the relief bill is signed into law for $370 billion to begin flowing to small businesses.
Any delays mean some won't survive.
nytimes.com/2020/03/26/bus… via @FlitterOnFraud
A group of Republican senators are warning they will oppose fast-tracking a mammoth coronavirus stimulus package as they push for changes to a "drafting error" related to the bill's bolstered unemployment benefits.
Heather LongTomorrow at 8:30am, we will learn that 2 to 4 million Americans applied for unemployment benefits last week -- a new record.
Economists think over 40 million could be unemployed by April.
It seems odd to worry about giving too much jobless aid right now.
Stimulus payment checks: No information available yet
Instead of calling, please check back for updates.
Heather LongThe IRS is getting ready to send out $1,200 checks to most Americans.
They already have a webpage for it. It currently says:
"Stimulus payment checks: No information available yet
Instead of calling, please check back for updates."
irs.gov/coronavirus h/t @1josephgerard pic.twitter.com/3vXYy60FtR
Heather Long"Trump is deluding himself if he thinks he can step behind a podium and reopen the economy," says @MichaelRStrain
1. Governors & mayors can order people to stay home
2. Some will b too scared to go out at Easter
3. It could trigger another spike in cases
Mortgage relief options are coming fast and furious as the entire country struggles to deal with the spread of the coronavirus.
Heather LongBREAKING: Bank of America will allow borrowers to pause their mortgage payments during the #coronavirus
-This is on a "case by case" basis
-The payments will be added to the end of their loan (i.e. you still have to pay later)
Heather LongNEWS: The New York Fed is making ANOTHER intervention in the bond market today.
Half the NY Fed's planned $80 billion in bond purchases for the next month will be done today.
Translation: The Fed is very worried about liquidity in the bond market.
Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will take...
Heather LongThis is significant. The Bank of Japan just announced it will
"strive to stabilize markets and offer sufficient liquidity via market operations and asset purchases."
It's sounding more and more like central banks around world are doing a coordinated aid
A sick day? Remote work? Not so easy if your job is at a restaurant, a day care center or a construction site.
Heather LongWomen make up nearly 60% of workers in jobs that pay $11 and hour or less.
As #Coronarivus spreads, they are the most likely to be required to come to work — or not paid if they stay home.
PwC’s 23rd Annual Global CEO Survey, which involved 1,581 chief executives in 83 territories, explores the sources and manifestations of uncertainty and how CEOs are taking action to address it.
Heather LongPwC's Global CEO Survey (of ~1,600 CEOs) finds A LOT of pessimism:
"As CEOs look ahead to 2020, we see a record level of pessimism. For the 1st time, more than half of the CEOs we surveyed believe the rate of global GDP growth will decline."
Penn Wharton Budget Model (PWBM) projects that Senator Warren’s proposed wealth tax, if implemented in 2021, would raise between $2.3 trillion (including macroeconomic effects) and $2.7 trillion (not including macroeconomic effects) in additional...
Heather LongAnother blow for Elizabeth Warren: Her wealth tax would raise between $2.3 to $2.7 trillion, according to experts at the Penn Wharton Budget Model.
That's $1 trillion less than her campaign estimates.
PWBM also says her plan would hurt growth.
GM and LG Chem will invest $2.3 billion and build a new plant near Lordstown, Ohio, to build batteries for electric cars.
Heather LongBig news for Ohio: GM will build a new EV battery factory near Lordstown.
The factory will employ ~1,100 and be a joint venture w/a South Korean firm.
**GM is NOT committing to giving preferential hiring to the GM Lordstown workers who lost their jobs**