Senate Minority Leader Chuck Schumer, a Democrat from New York, speaks during a news conference on Capitol Hill in Washington, D.C., on Tuesday, April 21, 2020. Sarah Silbiger | Bloomberg | Getty Images Three leading Democratic senators are urging the Small Business Administration to investigate whether banks gave the wealthy preferential treatment as they doled
Month: April 2020
Getty Why are we having such a hard time, collectively, getting a handle on coronavirus infections? Why haven’t we had the success South Korea has had at tracing contacts, or that Germany had in testing? After all, we’re The Greatest Nation on Earth, or something like that. We landed on the beaches of Normandy and
The exterior of buildings at the millionaires enclave on Fisher Island. (Photo by: Jeffrey … [+] Greenberg/Universal Images Group via Getty Images) Universal Images Group via Getty Images Fisher Island Community Association, the homeowners’ group in the exclusive island near Miami, has received approval for a $2 million loan through the federal Paycheck Protection Program
As the number of U.S. deaths swiftly approaches 50,000, attention has turned to states that are attempting to reopen to spur economic growth. Some U.S. governors have begun easing restrictions despite warnings from world health officials that it may be too soon to do so without sparking a second wave of Covid-19 infections. This is CNBC’s
Intel CEO Robert “Bob” Swan announces the company’s Tiger Lake chips at the technology fair CES. Christoph Dernbach | picture alliance | Getty Images Intel shares fell as much as 6% in extended trading on Thursday after the company reported earnings for its fiscal first quarter. Here are the key numbers: Earnings: $1.45 per share, adjusted
The Small Business Administration said Friday that hedge funds and private equity firms are ineligible for the small business relief program. The move comes after reports that hedge funds had applied for the first round of the Paycheck Protection Program. That fed into a public backlash after the program’s initial $350 billion was quickly exhausted and
As the number of Americans without jobs continues to rise, more states are providing unemployment benefits to gig workers and those who are self-employed. About 4.4 million new workers applied for unemployment in the week ending April 18, bringing the total number of out-of-work Americans to about 26.5 million over the past five weeks, the
Saudi Aramco crude oil storage at Ras Tunura, Saudi Arabia. Planet Labs The coronavirus crisis led to an unprecedented collapse in demand for oil and U.S. prices have rapidly fallen over the past week. In order for the price to stabilize, U.S. producers have to further cut their production or be forced to curb it
Getty Images More than 88 million individuals received a stimulus check from the IRS in the last three weeks, according to data from the federal agency. The Treasury Department and the IRS have distributed a total of $157.9 billion in so-called Economic Impact Payments. The federal government began depositing the cash into taxpayers’ bank accounts
Despite outrage on Main Street and new pressure from the Treasury Department this week, several publicly traded companies that received payroll relief funds from the Small Business Administration oppose demands to return the cash. The companies said the Paycheck Protection Program loans have allowed them to keep employees on payroll and that they disagree with
COVID-19 is particularly dangerous to many of our nation’s most vulnerable: those living in nursing homes. In some places, a state’s death rate from the disease is about 40-50% of all deaths from this pandemic. According to the Washington Post, the World Health Organization reported that almost half of the deaths from COVID-19 in Europe
HECMs plus Annuities have synergistic benefits for retirees © Can Stock Photo / gpointstudio HUD created this ingenious and multi-faceted reverse mortgage program, but its well-intentioned effort to protect it against misuse has been a disaster. The disaster has stemmed from HUD’s requirement that the HECM be a stand-alone product, as opposed to being part
An employee checks the production of chloroquine phosphate, resumed after a 15-year break, in a pharmaceutical company in Nantong city in east China’s Jiangsu province Thursday, Feb. 27, 2020. Chloroquine phosphate, an old drug for the treatment of malaria, has shown some efficacy and acceptable safety against COVID-19 associated pneumonia in trials, according to Chinese
Source: American Express Credit card issuer American Express posted a 76% drop in first-quarter profit on Friday, as it set aside $2.6 billion to cover potential losses stemming from the coronavirus outbreak. The pandemic has hammered the global economy, pushing companies to layoff employees by the millions. That, in turn, could weigh on credit card
A customer browses products at a Walmart store in Burbank, California Patrick T. Fallon | Bloomberg | Getty Images U.S. consumer sentiment fell for a third straight month as people weigh the coronavirus pandemic and the possibility of an economic re-opening, data released Friday by the University of Michigan showed. The consumer sentiment index fell
The average American graduates college with more than $29,000 in student loans. And odds are they will be making monthly payments on those debts for the next 20 years of their lives. If you’re like many current or prospective parents, you want your kids to go to college without taking on burdensome loans. But knowing
Long-time professional traders watching the near implosion of the United States Oil Fund could only watch in wonder. “It tells me people always want to make a quick buck,” said John Davi, chief investment officer and founder of Astoria Portfolio Advisors. He was referring to retail investors who lost a boatload of money investing in
Wild market swings have taken a toll on retirement savers. The average 401(k) balance plunged 19%, to $91,400, in the first quarter of 2020, according to a new report by Fidelity Investments, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 30 million retirement accounts altogether. The average individual retirement
A driver adjusts his face mask as Uber and Lyft drivers with Rideshare Drivers United and the Transport Workers Union of America conduct a ‘caravan protest’ outside the California Labor Commissioner’s office amidst the coronavirus pandemic on April 16, 2020 in Los Angeles, California. (Photo by Mario Tama/Getty Images) Mario Tama Some gig workers may
Millions of homeowners are now in forbearance, essentially pausing their monthly mortgage payments … [+] due to COVID-19. Getty More than 3.4 million American mortgage borrowers are now in forbearance—essentially hitting the pause button on their monthly payments for the foreseeable future. According to the latest data from financial data firm Black Knight, that’s up
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