Some headlines:
Treasury’s Mnuchin seeks additional $250 billion to replenish small-business coronavirus program
Washington Post April 7, 2020 at 2:42 p.m. PDT
Treasury Secretary Steven Mnuchin on Tuesday asked congressional leaders to swiftly commit an additional $250 billion to replenish the new $349 billion small-business coronavirus program that is being overwhelmed by surging demand.
President Trump said banks have processed $70 billion in taxpayer-backed loans for 250,000 small businesses since Friday, as companies seek emergency help to deal with the enormous business disruption caused by the pandemic…
Bank of America said Monday it had received 178,000 applications from firms seeking $32.9 billion in loans as companies clamor to qualify for the $349 billion SBA program.
Wells Fargo never formally started taking applications, but by Monday morning, it said so many people had expressed preliminary interest that it had already reached the $10 billion cap it had set for loans under the program.
Fed allows Wells Fargo to expand role in overwhelmed small-business loan program
Ledyard King
USA TODAY Updated 2:15 PM April 8, 2020
WASHINGTON – The Federal Reserve is temporarily lifting restrictions on Wells Fargo’s ability to make certain commercial loans to help alleviate a crushing backlog of requests for federally backed loans to small businesses decimated by the worsening coronavirus crisis.
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Global Coronavirus Cases Top 1.5 Million, Deaths Approach 90k: Live Updates
by Tyler Durden
Wed, 04/08/2020 – 07:31
Summary:
- Confirmed cases across Africa pass 10k
- China reopens Wuhan
- Global case total passes 1.4 million
- Russia reports another record daily jump in new cases
- UK reports another record jump in deaths
France extends lockdown after April 15 - Global case total tops 1.5 million while deaths near 90k
- Mnuchin reportedly tells Dems $98 billion loans approved
- Italy reports slight acceleration in cases as deaths, ICU patients fall
- Sunak says Johnson “improving”
- NYC reportedly has enough ventilators to get through this week
- Scientists find evidence some recovered don’t have antibodies
- Swss gov’t sees GDP contracting as much as 10.4 % in 2020
- LA mayor orders businesses to enforce social distancing
- WHO’s Dr. Tedros responds to Trump
- WHO again insists lockdowns must stay in effect
- Iraq extends border closure with Iran
- Indonesia outbreak continues to accelerate
- Ethiopia joins growing list of African states by declaring state of emergency
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Larrabee Ventures is providing these updates for perspective along with the headlines and news stories you already watch.
- No information yet on how many PPP loans have been funded.
- The peak in daily deaths has not been reached in NY City or any state with the possible exception of Washington.
- NY deaths by age indicates over 80% of deaths are people over 60.
For all the hype, things are not yet moving in the direction we all want. Funding is lagging. The peaks of new infections and deaths have not been reached, and the virus rages on with new hot spots exploding in Detroit, Washington DC, Denver and other cities.
At the same time the rate at which things are deteriorating may very well be improving.
The impact on the economy differs by state, city and locality, but everywhere the impact has been HUGE and it continues to grow. The hole in our economy that we will need to dig out of is still getting deeper day-by-day.
Still, in spite of the current state of affairs, our next step as business owners is to begin now to prepare for the recovery process.
In order to assist you we will start to focus our posts on what to do now before the recovery begins. We believe there are steps that you can take now to retool and reboot the various departments, functions and activities so that when recovery can finally start, your company will be ready to move forward rapidly.
If you have any questions or comments please call or comment on our website.
Sources:
Washington Post:
https://www.washingtonpost.com/us-policy/2020/04/07/treasury-coronavirus-small-business/