Will The Economy Recover Swiftly? Some Economists Predict It Will Be A Slow Road
President Donald Trump predicts that, once the nation returns to work, economic health "comes back quickly." Other economists are not forecasting as rosy a picture. “The more unemployment, the more workers lose their jobs, the harder and slower the recovery is going to be,” Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, a think tank, tells The Hill. Other stories on the pandemic's economic toll report on rent negotiations, small business loan payouts and regional unemployment.
The Hill:
Economy Faces Grueling Road To Recovery From Coronavirus
President Trump is pushing to loosen coronavirus restrictions to help revive a devastated economy, a move he hopes will lead to a quick recovery before Election Day. The Trump administration this week rolled out guidelines for states to follow starting May 1, as some governors gradually allow businesses to reopen and scaled-down social gatherings to take place. The president also convened nearly a dozen advisory panels tasked with figuring out how to reboot every sector of the economy. (Lane, 4/19)
The Wall Street Journal:
Landlords, Commercial Tenants Negotiate Rent Breaks Amid Coronavirus Disruption
Many U.S. landlords whose commercial tenants are asking for rent relief due to the coronavirus pandemic are acquiescing, though some are asking for proof of financial strain before delaying or even forgiving payments. Real-estate advisers, property managers and lawyers say they are fielding inquiries from tenants, landlords and lenders about ways to strike rent- and mortgage-relief deals given the closures of nonessential stores and the resulting economic downturn. (Al-Muslim, 4/20)
The Wall Street Journal:
How Ruth’s Chris Got An Extra Helping Of Small Business Aid Money
Ruth’s Chris Steak House has long been known for its beefy portions, including a 22-ounce rib-eye. But lately, the upscale chain is getting more attention for the size of the loan it got through the government’s small business aid program. Even though loans are generally capped at $10 million, Ruth’s Hospitality Group Inc. was able to qualify for $20 million under a provision that allowed it to seek loans for each of two subsidiaries. (Davis and Haddon, 4/19)
Stateline:
Coronavirus And The States: Nearly A Quarter Of Workers Lack Jobs In Some States; Midwestern Governors Band Together
The jobless rate has reached nearly a quarter of the workforce in several states, even with choked application systems delaying unemployment claims in many areas, a Stateline analysis has found. Michigan, Pennsylvania, Hawaii, Rhode Island, Kentucky and Nevada all have rates near 25%. The coronavirus crisis hit tourism-dependent economies in Hawaii and Nevada early; blue-collar workforces in Michigan and Pennsylvania have fewer options to work at home. (Henderson, 4/17)
KQED:
Over 40% Of California's Workers Face Unemployment Risk, New Study Finds
More than 40% of California's workforce — many of whom were already in precarious financial positions — are at high risk of unemployment due to the coronavirus pandemic. That's according to a new report from the Economic Roundtable, a Los Angeles-based nonprofit group that profiled the state's workforce using federal census and economic data. (Wiley, 4/17)
