Business owners have been eagerly anticipating a $349 billion loan program meant to cushion the economic blow of the coronavirus pandemic. Some will have to wait a little longer. The Paycheck Protection Program, which officially opened for borrowers Friday morning, provides up to $10 million in forgivable loans to small businesses with 500 or fewer
An abysmal March jobs report gives a glimpse of the devastating economic damage caused by the coronavirus pandemic. Another surge in oil prices on expected output cuts limited the losses in the stock market. Major equity averages suffered their third week of losses in four as the coronavirus crisis deepened. Here’s what happened: 4:22 pm: Sell-off by
In times of market downturns, many of the stocks that take a beating will eventually rebound. Others, not so much. For investors who have a big portion of their assets in one particular stock, the current drubbing may serve as a reminder that diversification matters. It might also be time to make sure you still
SIphotography | Getty Images It’s been about a week since Congress pushed through a new bill that will send $1,200 stimulus payments to millions of Americans. And your questions about who is eligible for that money and how soon it could arrive keep on coming. Individuals with adjusted gross income of up to $75,000 stand
New Delhi: The government has taken steps to continue exports and imports of plant products. It has been releasing phytosanitary certification for export consignments and Import releases of plant and plant products during lockdown. “During the lockdown, we have released around 4000 certificates while for import consignments, over 1000 certificates have been released so far,”
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in E astern time. This blog will be updated throughout the day as the news breaks. Global cases: More than 1,026,900 Global deaths: At least 53,975 US cases: At least 245,500 US deaths: At least 6,058 The
Bank of America said Friday it is now capable of accepting online applications for the government’s $350 billion small business relief program, becoming the first major bank to do so. As of mid-morning New York time, none of the websites of the three other big U.S. banks — JPMorgan Chase, Wells Fargo or Citigroup — were accepting applications
By every measure, the job market is getting grim. With many non-essential businesses forced to close, workers across the country are suddenly facing extended furloughs or lay-offs. The unemployment rate jumped to 4.4% — from 3.5% — its highest level since August 2017, and it will likely climb much higher. “There’s no avoiding a substantial rise in
Coronavirus scams are on the rise. Government agencies, like the IRS, the Federal Trade Commission and the Social Security Administration, are warning consumers to be vigilant as fraudsters try to take advantage of them during the coronavirus pandemic. “Whenever crises erupt, the scammers and fraudsters have a heyday,” said Sally Greenberg, executive director of the
The stock market could still touch new lows as uncertainty around the coronavirus pandemic persists, Mohamed El-Erian said Friday. “I don’t think we’re forming a bottom yet. I think we’re going down at a slower rate,” the chief economic advisor at Allianz said on CNBC’s “Squawk Box.” “There is a very important distinction there.” Calling a
A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China July 17, 2018. Jason Lee | Reuters Here we go again. It sounds outrageous: The chief operating officer of Luckin Coffee, the largest domestic coffee chain in the China, was accused by his own company of fabricating much of
The Coronavirus pandemic is having a strong impact on the global economy. Questions are rife about the possible economic and financial fallout of asking a third of the world’s population to stay home and shutting down factories. Is a systemic financial crisis likely, maybe along the lines of the 2008 crisis 12 years ago? The
German Chancellor Angela Merkel makes a press statement on the spread of the new coronavirus COVID-19 at the Chancellery, in Berlin on March 22, 2020. MICHAEL KAPPELER Almost half a million companies in Germany have sent their staff on short-term working schemes — known as “Kurzarbeit” — to trim their payroll costs with immediate effect.
Ursula von der Leyen, incoming president of the European Commission, left, speaks during news conference at the European Parliament, in Strasbourg, France, on Tuesday, July 16, 2019. Bloomberg | Bloomberg | Getty Images European tech industry groups are stepping up their lobbying efforts to ensure the EU supports start-ups hit hard by the coronavirus crisis.
New Delhi: Exporters have sought that they be allowed to restart operations with 50% staff, in order to help pay wages, prevent migrant labourers from returning to their hometowns and stop loss of market share to China. The petition to the government by exporters’ associations comes amid a 21-day nationwide lockdown. “Exporting units should be
Reported COVID-19 cases around the world surpassed 1 million on Thursday, doubling in a week as the virus spreads across Europe and North America and establishes a toehold in Africa. Just before global cases reached 1 million, the COVID-19 worldwide death toll passed 50,000, according to data compiled by Johns Hopkins University. COVID-19 has now
As small business owners await a much-needed lifeline Friday in the form of a massive expansion of the Small Business Administration’s 7(a) lending program, new data show just how dire the situation is for Main Street as questions circulate about the program’s readiness. The National Federation of Independent Business’ Research Center is out with a
A customer pays with cash at a Best Buy store in Texas, United States, on November 26, 2010. Aaron M. Sprecher | Bloomberg | Getty Images If you’re counting the days until you receive your stimulus money from the government, hold tight: It could take up to five months. A House Ways and Means Committee
As millions of jobs are lost to the coronavirus pandemic, almost half of low-income Americans say they expect to burn through their savings within three months, according to a survey released Thursday. The government’s monthly employment numbers for March, due to be released Friday, are expected to show an unprecedented surge in layoffs by businesses
Short seller Jim Chanos warned investors about piling into “virus stocks” boosted by the coronavirus lockdown temporarily. “One area I would warn people about for example is the virus stocks,” Chanos said on Thursday on CNBC’s Halftime Report. They are “doing well right now in this enforced lockdown. A lot of these companies are really not structurally
Kynikos Associates Founder Jim Chanos told CNBC on Thursday that he just closed a bet against Chinese coffee chain Luckin on Thursday after first taking a short position earlier in the year on advice from fellow short-seller Carson Block and his firm, Muddy Waters Research. Luckin Coffee is down more than 70% on Thursday after
Ten central trade unions have jointly written to labour minister Santosh Kumar Gangwar seeking his intervention at the ground level to stop retrenchment of workers and rampant salary cuts. “Advisory by the government, both the labour ministry and home ministry, is not at all working at ground level to prevent loss of employment and earnings
[The stream is slated to start at 11:30 a.m. ET. Please refresh the page if you do not see a player above at that time.] New York Gov. Andrew Cuomo is holding his daily press conference on the COVID-19 outbreak, which has infected more than 84,000 people in the state as of Thursday morning. On
Portra Images | Getty Images If your financial life has hit a rough patch, you may be thinking about taking a loan from your 401(k) savings plan. Yet is it the right move to make? Many financial experts typically advise against it, calling it a “last resort.” However, with the coronavirus pandemic causing layoffs and
Oil prices skyrocketed on Thursday after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge. West Texas Intermediate crude futures surged 20%, or $4.12 to trade at $24.40 per barrel. Crude prices jumped as high as $27.39 Thursday following the news. International
Walgreens Boots Alliance said it saw a surge in sales and then a drop-off in March as the coronavirus pandemic spreads across the world and now keeps people indoors. The international drugstore’s same-store sales were up 26% in the first 21 days of the month as people stocked up on prescriptions and other items, Global Chief
JPMorgan CEO Jamie Dimon told employees in a memo Thursday he is “happy to be back at work” following emergency heart surgery last month. “I have been recuperating well and getting stronger every day, and I am happy to be back to work this week — albeit working remotely like so many of you,” Dimon
A do not walk sign stands in front of a closed Macy’s Inc. store in Arlington, Virginia, U.S., on Tuesday, March 31, 2020. Andrew Harrer | Bloomberg | Getty Images Macy’s is being dropped from the S&P 500, and in a sign of how far the fortunes of retail have fallen, it is being banished
Slow rise in output and new business pulled India’s manufacturing activity to a four-month low in March, a private survey showed on Thursday. The manufacturing Purchasing Managers’ Index (PMI) for India declined to 51.8 in March from 54.5 in February. A reading above 50 indicates expansion, while below it signals contraction. The reading signalled the
This is a live blog. Please check back for updates. Global cases: More than 938,373. Global deaths: At least 47,273. Top 5 countries: United States (216,722), Italy (110,574), Spain (104,118), China (82,394), and Germany (77,981) The data above was compiled by Johns Hopkins University as of 3:50 p.m. Beijing time. All times below are in