Business News

A third report a job loss, half a pay cut as coronavirus crisis grips the economy

A third report a job loss, half a pay cut as coronavirus crisis grips the economy

JLGutierrez/iStock(WASHINGTON) — Economic impacts of the coronavirus crisis are gripping the nation: One in three Americans in an ABC News/Washington Post poll say they or an immediate family member have been laid off or lost their job as a result of the pandemic, and more – half – report a cut in pay or work…

Coronavirus economic updates: 3.28 million unemployment filings shatter 1982 record

Coronavirus economic updates: 3.28 million unemployment filings shatter 1982 record

glegorly/iStock(NEW YORK) — The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling.Here’s the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here. Markets continue to rally U.S.…

Coronavirus may have devastated the theater world. Artists are adapting

Coronavirus may have devastated the theater world. Artists are adapting

fergregory/iStock(NEW YORK) — Last Monday, when the governor of Vermont issued an order banning gatherings of 50 or more people, the leadership team at Northern Stage in White River Junction knew what they had to do.They had been planning for this incredibly tough moment as COVID-19 spread across the country.The team called a full company…

As unemployment claims see record high, hear from those affected

As unemployment claims see record high, hear from those affected

Gwengoat/iStock(NEW YORK) — As the number of people infected with the COVID-19 virus continues to climb, so does the number of unemployment claims made in the United States. The U.S. Department of Labor announced Thursday morning 3.28 million unemployment claims were filed in the United States between March 15 and March 21, the largest number…

Small businesses face ‘nightmare’ cash crunch from coronavirus pandemic

Small businesses face ‘nightmare’ cash crunch from coronavirus pandemic

Kameleon007/iStock(NEW YORK) — Comedy clubs, bookstores and cocktail makers are among the millions of American small businesses facing a race against time in an unprecedented financial battle for survival.”It’s not funny. You know, that needs to be clear,” said Allyson Jaffe, co-owner of DC Improv, which closed its theater and laid off nearly all of…

Former Twitter CEO teams with San Francisco chef to feed those in need

Former Twitter CEO teams with San Francisco chef to feed those in need

David Nayfeld/Facebook(SAN FRANCISCO) — When the coronavirus swept through San Francisco, closing businesses and forcing people to stay in their homes, former Twitter CEO Dick Costolo knew he had to do something.So Costolo, a partner in the popular San Francisco eatery Che Fico Alimentari, called up the restaurant’s chef, David Nayfeld.“I just called David and…

Bad connection working from home? Fish tanks, plants and other Wi-Fi disruptors

Bad connection working from home? Fish tanks, plants and other Wi-Fi disruptors

Anchiy/iStock(NEW YORK) — Amid mandatory social distancing to halt the spread of novel coronavirus, a significant percentage of the country’s office workers are working from home.Critical to keeping American businesses afloat is workers having efficient and well-performing connectivity from home, which means not only sturdy Internet access from a reliable internet service provider but reliable…

Ventilators shipped from veterinarians to hospitals to combat COVID-19 shortage

Ventilators shipped from veterinarians to hospitals to combat COVID-19 shortage

Taechit Taechamanodom/iStock(NEW YORK) — The nation’s hospitals, facing dire shortages of lifesaving ventilators as the coronavirus outbreak continues, are finding help from an unlikely source: animal doctors.The country’s largest veterinary schools, animal hospitals and even zoos are offering up ventilators to hospitals that are scrambling to care for a growing number of critically ill coronavirus…

State unemployment websites, systems crash in wake of coronavirus layoffs

State unemployment websites, systems crash in wake of coronavirus layoffs

ljubaphoto/iStock(NEW YORK)– Last Monday, Julianna Calderon worked as a server at a local Long Island restaurant, but that changed shortly after she turned on her TV and watched New York Governor Andrew Cuomo deliver his executive order.”Any bar or restaurant closes at 8 p.m. tonight,” Cuomo announced, along with several other measures in an attempt…

Coronavirus economic updates: Markets tick up slightly after weeks of volatility

Coronavirus economic updates: Markets tick up slightly after weeks of volatility

Sushiman/iStock(NEW YORK) — The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling.Here’s the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here. Macy’s to furlough a majority…

Kennedy Center to stop paying National Symphony Orchestra despite $25 million in coronavirus aid: Union

Kennedy Center to stop paying National Symphony Orchestra despite $25 million in coronavirus aid: Union

hillwoman2/iStock(WASHINGTON) — The Kennedy Center for the Performing Arts in Washington, D.C., will stop paying its musicians despite expecting to receive some $25 million in aid from the recently signed coronavirus national stimulus package, a union that represents the orchestra said.The center’s president, Deborah Rutter, told the National Symphony Orchestra Friday night its musicians would…

In the middle of the coronavirus crisis, some hospitals fear financial ruin

In the middle of the coronavirus crisis, some hospitals fear financial ruin

HRAUN/iStock(NEW YORK) — As officials scramble to supply hospitals with much needed protective equipment for doctors and nurses fighting the novel coronavirus on the front lines, hospital leaders around the country warn that they are running low on another critical supply: money.Hospitals have taken a significant loss of revenue as they cut back lucrative elective…

Student loans get put on hold in coronavirus stimulus bill — Here’s what to know

Student loans get put on hold in coronavirus stimulus bill — Here’s what to know

BrianAJackson/iStock(NEW YORK) — With the coronavirus pandemic spreading throughout the United States and crippling the economy, Congress moved quickly to approve a $2 trillion relief bill, which President Donald Trump soon signed.Included in the bill is relief for borrowers of certain types of student loans — they’ll see their interest frozen and payments suspended through…

How businesses are adapting to a coronavirus pandemic economy

How businesses are adapting to a coronavirus pandemic economy

iStock(NEW YORK) — In just a few weeks, the novel coronavirus outbreak has changed the way thousands of companies operate in an unprecedented manner. As business owners and employees navigate the new normal, here are some of the ways they have adapted to stay operating amid a global pandemic.The COVID-19 outbreak has delivered an indiscriminate…