Month: April 2020

Treasury Vows to Recoup Virus Relief Aid Claimed by Big Companies

From left, Treasury Secretary Steve Mnuchin and Sen. Roy Blunt (R-Mo.) look on as President Donald Trump speaks at an Oval Office signing ceremony for the Paycheck Protection Program and Health Care Enhancement Act on Friday, April 24, 2020. (Anna Moneymaker/The New York Times)
From left, Treasury Secretary Steve Mnuchin and Sen. Roy Blunt (R-Mo.) look on as President Donald Trump speaks at an Oval Office signing ceremony for the Paycheck Protection Program and Health Care Enhancement Act on Friday, April 24, 2020. (Anna Moneymaker/The New York Times)

WASHINGTON — The Los Angeles Lakers are not what most people think of as a small business. Yet the basketball franchise is the latest example of a large company that managed to qualify for small-business loans from a hastily devised government program intended to help barbershops, restaurants, dry cleaners and other mom-and-pop shops.

Now, the Treasury Department is frantically trying to figure out how to recoup hundreds of millions of dollars from big companies that applied for loans and received them under the program’s initial terms.

On Tuesday, Treasury Secretary Steven Mnuchin made another attempt to deal with problems largely of his own making, as he

Read More

NY’s 12-Step Plan For Regional Business Reopenings

SYRACUSE, NY — Gov. Andrew Cuomo on Tuesday unveiled new, data-driven “circuit-breaker” thresholds that must be met for regions to reopen businesses as new coronavirus infections continue to slow.

Speaking from Upstate University Hospital in Syracuse on Tuesday, Cuomo said rates of COVID-19 hospitalizations, intubations and intensive care treatments continued to trend downward. The number of people who died from the disease fell to 335 overnight, bringing the death toll to 17,638 in the state.

“The number is reducing, but not at a tremendous rate,” Cuomo said. The number of new daily hospitalizations remained relatively flat at 900.

To sign up for free, local breaking news alerts in New York, click here.

After days of talk about restarting the economy in certain areas, Cuomo unveiled a 12-point regional template that must be met for certain businesses to resume after May 15.

  1. Meet federal Centers for Disease Control and Prevention guidelines

Read More

Business owners, Republican leaders ask Newsom to relax order

Rural Northern California officials on Tuesday petitioned Gov. Gavin Newsom to accept their request to begin reopening their economies, despite a continued coronavirus stay-at-home order.

During a press conference at the Capitol, Assemblyman James Gallagher, R-Yuba City, said it was time for Newsom’s administration to ease restrictions for jurisdictions that have largely escaped the worst of COVID-19.

“The impacts had on people, they’re not just economic,” Gallagher said. “Those economic impacts become social impacts. We’ve seen rises in the cases of child abuse and mental health. Isolation at home breeds many of these types of issues.”

Newsom has largely denounced pleas for soft reopenings during his daily press conferences, arguing that Californians are still at great risk of contracting COVID-19.

The governor said Tuesday that retail businesses, manufacturers and certain offices will be in the first wave of workplaces that can reopen, which Newsom said he believes is “weeks, not

Read More

Apple Q2 2020 earnings will provide first look at COVID-19 impact

  • Apple reports its fiscal second quarter earnings on Thursday, providing the first look at how its financials have been impacted as a result of the coronavirus pandemic.
  • Analysts are estimating that Apple could report around $54 billion in revenue for the second quarter, compared to the $63 to $67 billion the company originally projected.
  • Apple said in February that it did not expect to meet its Q2 revenue guidance because of the pandemic.
  • Analysts will be looking for answers about iPhone demand and whether the coronavirus will impact the company’s expected 5G iPhone launch.
  • Visit Business Insider’s homepage for more stories.

When Apple reported its fiscal first quarter earnings back in January, the coronavirus was almost an afterthought.

While its revenue guidance gave a large range of possibilities to account for the virus, it was Apple’s stellar iPhone sales and soaring revenue that dominated most of the spotlight —

Read More