The delays gaining access to SBA-backed emergency loans under the $349 billion Paycheck Protection Program are putting millions of businesses at risk of closing, threatening their employees, suppliers and communities. Major banks and community lenders are unprepared to handle the influx of applications.
The United States entered what an official called the "peak death week" of the coronavirus on Monday while a watchdog report said hospitals were struggling to maintain and expand capacity to care for infected patients.
Janet Yellen thinks the central bank is not in a position where it needs to buy equities but believes lawmakers should give the Fed more leeway for the future.
Michael Kors owner Capri Holdings Ltd said on Monday it would furlough all its 7,000 employees in North America amid the coronavirus pandemic, as it expects to reopen its stores only after June 1.
The New York Stock Exchange has eased its listing requirements until the end of June to take the strain off companies that may have fallen out of compliance due to the market rout spurred by the coronavirus, according to a regulatory filing.
The S&P 500 was on track to recoup about $1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus hot spot, reported a fall in daily deaths, raising hopes that the pandemic could level-off soon.
Qatar Petroleum will postpone the start of production from its new gas facilities to 2025 due to a delay in the bidding process, but is not downsizing the world's largest liquefied natural gas project despite concerns of a mounting glut, its chief executive told Reuters.
BMW is expecting a further decline in global demand as the coronavirus outbreak takes its toll, a spokesman said on Monday, after the German carmaker reported a 20.6% drop in first quarter sales to 477,111 vehicles.
RavnAir Group, the largest regional carrier in Alaska, filed for bankruptcy Sunday and grounded all of its 72 planes as it waits on a decision from U.S. Treasury for government assistance.
"We must not only flatten the curve of the health crisis but we must begin to flatten the curve of economic despair," the billionaire former Starbucks CEO said Monday.
Oil prices slumped on Monday, pulling back from last week's gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.
Luckin Coffee Chairman Charles Zhengyao Lu and Chief Executive Jenny Zhiya Qian have handed over shares in the embattled Chinese coffee chain to lenders after a company controlled by Lu's family defaulted on a $518 million margin loan, one of the banks said on Monday.
The spread of COVID-19 threatens the "birthplace of baseball" of Cooperstown, NY, and the summer tourism resdeitns have come to rely on.
While the economic stimulus legislation provides relief for coronavirus-related withdrawals from 401(k)s, loans previously taken out are subject to existing rules if you're laid off or otherwise part ways with your company.
Qatar Petroleum (QP) is pressing ahead with foreign as well as domestic expansion despite the global market turmoil caused by the coronavirus pandemic, its chief executive told Reuters on Monday.