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Trump May Defer Tariff Payments to Help Businesses | Trump May Defer Tariff Payments to Help Businesses |
(about 1 hour later) | |
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here. | This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here. |
The Trump administration is considering postponing tariff payments on some imported goods for 90 days, according to people familiar with the matter, as it looks to ease the burden on businesses hurt by the pandemic. | The Trump administration is considering postponing tariff payments on some imported goods for 90 days, according to people familiar with the matter, as it looks to ease the burden on businesses hurt by the pandemic. |
Some businesses and trade groups have argued that the levies President Trump imposed on foreign metals and products from China before the outbreak continue to raise their costs and weigh on their profits at a time when the economy is slowing sharply. But in recent weeks, Mr. Trump and his advisers have denied that cutting tariffs would be one of the measures they would undertake to buoy the economy. | Some businesses and trade groups have argued that the levies President Trump imposed on foreign metals and products from China before the outbreak continue to raise their costs and weigh on their profits at a time when the economy is slowing sharply. But in recent weeks, Mr. Trump and his advisers have denied that cutting tariffs would be one of the measures they would undertake to buoy the economy. |
The White House now appears to be considering a proposal that would defer tariff duties for three months for importers, though it would not cancel them outright. The administration’s consideration of a deferral was reported earlier by Bloomberg News. | The White House now appears to be considering a proposal that would defer tariff duties for three months for importers, though it would not cancel them outright. The administration’s consideration of a deferral was reported earlier by Bloomberg News. |
It is not clear which tariffs the deferral might apply to, or if the idea will ultimately be approved. But the proposal appears to be separate from a plan announced on Friday by the U.S. Customs and Border Protection that it would approve delayed payment of duties, taxes and fees on a case-by-case basis. | It is not clear which tariffs the deferral might apply to, or if the idea will ultimately be approved. But the proposal appears to be separate from a plan announced on Friday by the U.S. Customs and Border Protection that it would approve delayed payment of duties, taxes and fees on a case-by-case basis. |
Across the country, chains have kept open thousands of stores, even as health experts warn that the virus is likely to spread more widely in the coming weeks. | Across the country, chains have kept open thousands of stores, even as health experts warn that the virus is likely to spread more widely in the coming weeks. |
In many states and cities, governors and mayors have mandated the closure of all but the most essential stores. Several retailers — like Sears, Kmart, and Joann Fabric and Craft Stores — have provided employees with letters they can share, arguing that their businesses are essential. | In many states and cities, governors and mayors have mandated the closure of all but the most essential stores. Several retailers — like Sears, Kmart, and Joann Fabric and Craft Stores — have provided employees with letters they can share, arguing that their businesses are essential. |
That some retail stores are staying open while others have closed reflects the piecemeal approach to combating the pandemic in the United States. | That some retail stores are staying open while others have closed reflects the piecemeal approach to combating the pandemic in the United States. |
There are emergency orders limiting business to essential retailers in about half the United States, but much of the South and West has no such government restrictions. The Retail Industry Leaders Association has asked the federal government for clearer guidelines. | There are emergency orders limiting business to essential retailers in about half the United States, but much of the South and West has no such government restrictions. The Retail Industry Leaders Association has asked the federal government for clearer guidelines. |
THE RESCUE PLAN | THE RESCUE PLAN |
The airline industry is poised to receive an enormous bailout as part of the stimulus bill, a draft of which sets aside around $30 billion to pay employees of passenger and cargo employees. It also provides loans to passenger and cargo carriers in addition to some tax relief. | The airline industry is poised to receive an enormous bailout as part of the stimulus bill, a draft of which sets aside around $30 billion to pay employees of passenger and cargo employees. It also provides loans to passenger and cargo carriers in addition to some tax relief. |
In exchange for the aid, airlines are prohibited from stock buybacks and dividends until a year after the loan is repaid. They must also maintain current staffing levels through September. | In exchange for the aid, airlines are prohibited from stock buybacks and dividends until a year after the loan is repaid. They must also maintain current staffing levels through September. |
THE CONTEXT In recent weeks, the outlook for the global aviation business has soured significantly, with major carriers like American Airlines fighting for survival and United Airlines eliminating virtually all of its international flights for April. During that time, airline executives and industry groups had been lobbying the White House and members of Congress for aid. | THE CONTEXT In recent weeks, the outlook for the global aviation business has soured significantly, with major carriers like American Airlines fighting for survival and United Airlines eliminating virtually all of its international flights for April. During that time, airline executives and industry groups had been lobbying the White House and members of Congress for aid. |
THE RESPONSE As executives and union officials pored over the details of the stimulus deal on Wednesday morning, the influential president of the Association of Flight Attendants union claimed victory, calling it “a rescue package for workers.” | THE RESPONSE As executives and union officials pored over the details of the stimulus deal on Wednesday morning, the influential president of the Association of Flight Attendants union claimed victory, calling it “a rescue package for workers.” |
The Rescue Plan | The Rescue Plan |
The stimulus will allow the troubled hotel industry to gain access to loans and other support. But what remains unclear for some owners is how quickly the money will be available and whether it will be enough to help, with travel expected to be down well into the summer. | The stimulus will allow the troubled hotel industry to gain access to loans and other support. But what remains unclear for some owners is how quickly the money will be available and whether it will be enough to help, with travel expected to be down well into the summer. |
THE CONTEXT Top executives from Hilton Hotels & Resorts, Marriott International and large hotel chains met with President Trump as they watched occupancy levels at their hotels in the United States drop through the floor in recent weeks. Lobbying arms pressed lawmakers, warning of layoffs and hotel closures. | THE CONTEXT Top executives from Hilton Hotels & Resorts, Marriott International and large hotel chains met with President Trump as they watched occupancy levels at their hotels in the United States drop through the floor in recent weeks. Lobbying arms pressed lawmakers, warning of layoffs and hotel closures. |
Large hotel chains have kept investors happy in recent years with dividend and share buyback programs, but they may be barred from continuing to do so until a year after they repay any money borrowed through the program. And compensation levels for top executives will be capped. | Large hotel chains have kept investors happy in recent years with dividend and share buyback programs, but they may be barred from continuing to do so until a year after they repay any money borrowed through the program. And compensation levels for top executives will be capped. |
THE RESPONSE The vast majority of brand-name hotels in the country are owned either by individuals or investors, and there is worry over how much red tape these small-business owners will face in obtaining aid. And, once they get the money, there is the question of whether it will be enough to cover expenses for more than a couple of months. | THE RESPONSE The vast majority of brand-name hotels in the country are owned either by individuals or investors, and there is worry over how much red tape these small-business owners will face in obtaining aid. And, once they get the money, there is the question of whether it will be enough to cover expenses for more than a couple of months. |
“We don’t have weeks to get this done. Hotels are closing every day,” said Cecil Staton, the president and chief executive of the Asian American Hotel Owners Association, which says its members own half of the hotels in the United States. “But the real question is, do you really think travel is going to return by mid-May? We don’t.” | “We don’t have weeks to get this done. Hotels are closing every day,” said Cecil Staton, the president and chief executive of the Asian American Hotel Owners Association, which says its members own half of the hotels in the United States. “But the real question is, do you really think travel is going to return by mid-May? We don’t.” |
The Rescue Plan | The Rescue Plan |
The stimulus includes several tax breaks that will largely benefit businesses — although it would not necessarily get cash to the companies most in need today. For instance, the bill would temporarily make it easier for big companies to take interest deductions and would roll back losses into older tax years, potentially leading to refunds. | The stimulus includes several tax breaks that will largely benefit businesses — although it would not necessarily get cash to the companies most in need today. For instance, the bill would temporarily make it easier for big companies to take interest deductions and would roll back losses into older tax years, potentially leading to refunds. |
HOW IT COULD PLAY OUT Companies that suffer enormous losses this year would be able to deduct those against profits from the past five years, potentially wiping out their old tax liabilities and generating cash refunds. If they had losses in 2018 and 2019 to offset taxes from profits in even older years, they could get quick cash refunds. But they would not see the cash from any refunds related to this year until at least early 2021. | HOW IT COULD PLAY OUT Companies that suffer enormous losses this year would be able to deduct those against profits from the past five years, potentially wiping out their old tax liabilities and generating cash refunds. If they had losses in 2018 and 2019 to offset taxes from profits in even older years, they could get quick cash refunds. But they would not see the cash from any refunds related to this year until at least early 2021. |
“It is not targeted at the companies who are most in need today, so it is not an ideal way to allocate relief resources,” said Stephen Shay, a tax law professor at Harvard and former U.S. Treasury official. “It is clearly not the best way, but it’s reasonably fast compared to some alternatives.” | “It is not targeted at the companies who are most in need today, so it is not an ideal way to allocate relief resources,” said Stephen Shay, a tax law professor at Harvard and former U.S. Treasury official. “It is clearly not the best way, but it’s reasonably fast compared to some alternatives.” |
Stocks on Wall Street rose on Wednesday as investors sized up a $2 trillion coronavirus rescue package intended to shore up the American economy, but the gains faded late in the day as debate over the bill continued without a vote in the Senate. | Stocks on Wall Street rose on Wednesday as investors sized up a $2 trillion coronavirus rescue package intended to shore up the American economy, but the gains faded late in the day as debate over the bill continued without a vote in the Senate. |
The legislation would be the biggest fiscal stimulus package in modern American history, and more than double the size of the roughly $800 billion stimulus package that Congress passed in 2009, during the last recession. | The legislation would be the biggest fiscal stimulus package in modern American history, and more than double the size of the roughly $800 billion stimulus package that Congress passed in 2009, during the last recession. |
The S&P 500 climbed more than 1 percent, adding to a 9.4 percent gain on Tuesday that had come as investors anticipated that Democrats and Republicans would reach a deal over the plans. | The S&P 500 climbed more than 1 percent, adding to a 9.4 percent gain on Tuesday that had come as investors anticipated that Democrats and Republicans would reach a deal over the plans. |
Some of the companies expected to benefit from government help led Wednesday’s gains. Boeing was up more than 20 percent, helping lift the Dow Jones industrial average. American Airlines and Carnival Corporation both jumped more than 10 percent. | Some of the companies expected to benefit from government help led Wednesday’s gains. Boeing was up more than 20 percent, helping lift the Dow Jones industrial average. American Airlines and Carnival Corporation both jumped more than 10 percent. |
Investors have welcomed the plans, but few are willing to conclusively say that the worst of the market sell-off is over. | Investors have welcomed the plans, but few are willing to conclusively say that the worst of the market sell-off is over. |
In the United States, widespread social distancing measures put in place to control the spread of the coronavirus have hammered consumer spending, the heart of the American economy. | In the United States, widespread social distancing measures put in place to control the spread of the coronavirus have hammered consumer spending, the heart of the American economy. |
Economists are expecting almost unthinkable declines in the gross domestic product in the second quarter. Analysts at Capital Economics said on Wednesday that they expected U.S. growth to fall 40 percent in the second quarter at an annualized pace, as the unemployment rate jumps to 12 percent, higher than its 10 percent peak in 2009. | Economists are expecting almost unthinkable declines in the gross domestic product in the second quarter. Analysts at Capital Economics said on Wednesday that they expected U.S. growth to fall 40 percent in the second quarter at an annualized pace, as the unemployment rate jumps to 12 percent, higher than its 10 percent peak in 2009. |
Updated June 12, 2020 | Updated June 12, 2020 |
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | |
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. |
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
The Labor Department’s weekly estimate of new claims for unemployment insurance, which will be released at 8:30 a.m. Thursday, typically draws little attention. Not this week: The report will provide some of the first hard data on the scale of the economic damage caused by the pandemic. | The Labor Department’s weekly estimate of new claims for unemployment insurance, which will be released at 8:30 a.m. Thursday, typically draws little attention. Not this week: The report will provide some of the first hard data on the scale of the economic damage caused by the pandemic. |
Citigroup economists estimate that the report could show that four million people applied for benefits last week. Other forecasters put the number a bit lower. But there is wide agreement that the total will dwarf the previous record of 695,000 new claims, from October 1982. | Citigroup economists estimate that the report could show that four million people applied for benefits last week. Other forecasters put the number a bit lower. But there is wide agreement that the total will dwarf the previous record of 695,000 new claims, from October 1982. |
“In the whole history of initial claims, there’s never been anything remotely close to that,” said Ben Herzon, executive director of IHS Markit, a business data and analytics firm. | “In the whole history of initial claims, there’s never been anything remotely close to that,” said Ben Herzon, executive director of IHS Markit, a business data and analytics firm. |
The attorneys general of Washington and 14 states sent a letter to Amazon’s founder, Jeff Bezos, on Wednesday calling on the company to provide more paid sick leave for its workers. | The attorneys general of Washington and 14 states sent a letter to Amazon’s founder, Jeff Bezos, on Wednesday calling on the company to provide more paid sick leave for its workers. |
Amazon has given workers two weeks of paid leave if they learn they have the coronavirus or are placed into quarantine, but the attorneys general said that “narrow criteria is particularly insufficient given the realities of the public health crisis, where the lack of access to Covid-19 testing has been widely reported.” Among other things, they said Amazon allow two weeks of paid time off for employees to self-quarantine and seek a diagnosis, as well as to care for children whose schools may have closed. | Amazon has given workers two weeks of paid leave if they learn they have the coronavirus or are placed into quarantine, but the attorneys general said that “narrow criteria is particularly insufficient given the realities of the public health crisis, where the lack of access to Covid-19 testing has been widely reported.” Among other things, they said Amazon allow two weeks of paid time off for employees to self-quarantine and seek a diagnosis, as well as to care for children whose schools may have closed. |
Amazon workers in a handful of warehouses across the country, including in New York City, have gotten sick from the virus. Amazon did not immediately respond to a request for comment. | Amazon workers in a handful of warehouses across the country, including in New York City, have gotten sick from the virus. Amazon did not immediately respond to a request for comment. |
They are scrounging for fabric, cutting it up, stitching it together. They are repurposing drapes, dresses, bra straps, shower curtains, even coffee filters. They are building supply chains, organizing workers, managing distribution networks. | They are scrounging for fabric, cutting it up, stitching it together. They are repurposing drapes, dresses, bra straps, shower curtains, even coffee filters. They are building supply chains, organizing workers, managing distribution networks. |
Most of all, they are sewing. | Most of all, they are sewing. |
All over the country, homebound Americans are crafting thousands upon thousands of face masks to help shield doctors, nurses and many others from the coronavirus. | All over the country, homebound Americans are crafting thousands upon thousands of face masks to help shield doctors, nurses and many others from the coronavirus. |
Legions of sewers have been called to duty in a matter of days via social media and word of mouth, their skills no longer taken for granted or dismissed as a mere hobby. They are making masks for America, much as a previous generation manufactured ammunition and tended “victory gardens” during World War II. | Legions of sewers have been called to duty in a matter of days via social media and word of mouth, their skills no longer taken for granted or dismissed as a mere hobby. They are making masks for America, much as a previous generation manufactured ammunition and tended “victory gardens” during World War II. |
HUB FOR HELP | HUB FOR HELP |
Your down payment fund was safely in cash. You had planned, perhaps for years, for the 2020 home-buying season. Then, just as the perfect home hit the market, the coronavirus turned the world on its head. | Your down payment fund was safely in cash. You had planned, perhaps for years, for the 2020 home-buying season. Then, just as the perfect home hit the market, the coronavirus turned the world on its head. |
Should you go through with the purchase? | Should you go through with the purchase? |
All the uncertainty about the economy may make it seem like an odd moment to consider buying a house. But the experiences of home buyers who took the leap during the Great Recession may provide some cause for comfort. | All the uncertainty about the economy may make it seem like an odd moment to consider buying a house. But the experiences of home buyers who took the leap during the Great Recession may provide some cause for comfort. |
Ask us your money questions at this difficult time. If you have questions or ideas, write to hubforhelp@nytimes.com and Ron Lieber, Tara Siegel Bernard and our personal finance team will read every message. | Ask us your money questions at this difficult time. If you have questions or ideas, write to hubforhelp@nytimes.com and Ron Lieber, Tara Siegel Bernard and our personal finance team will read every message. |
The Cheesecake Factory will not be able to make rent payments on any of its storefronts on April 1 because of the coronavirus pandemic, a spokeswoman said on Wednesday. | The Cheesecake Factory will not be able to make rent payments on any of its storefronts on April 1 because of the coronavirus pandemic, a spokeswoman said on Wednesday. |
Nordstrom will extend its temporary store closures through April 5 and continue to pay store staff through that date, but will furlough “a portion” of corporate employees for six weeks, and the company’s executive leadership group will take a pay cut. Macy’s said that it would reduce pay for director-level employees and above starting April 1 and that its chief executive, Jeff Gennette, would not receive compensation. | Nordstrom will extend its temporary store closures through April 5 and continue to pay store staff through that date, but will furlough “a portion” of corporate employees for six weeks, and the company’s executive leadership group will take a pay cut. Macy’s said that it would reduce pay for director-level employees and above starting April 1 and that its chief executive, Jeff Gennette, would not receive compensation. |
S&P Global Ratings lowered Ford Motor’s credit rating to junk status on Wednesday, citing “supply-side and demand-side shocks” of the coronavirus outbreak on the company. Ford, which already had a junk rating from Moody’s Investors Service, said on Wednesday that it would keep its North American plants closed past March 30 because of the outbreak. | S&P Global Ratings lowered Ford Motor’s credit rating to junk status on Wednesday, citing “supply-side and demand-side shocks” of the coronavirus outbreak on the company. Ford, which already had a junk rating from Moody’s Investors Service, said on Wednesday that it would keep its North American plants closed past March 30 because of the outbreak. |
Hollywood agencies are moving ahead with layoffs and announcing that senior executives — Ari Emanuel among them — will forgo salaries for the remainder of the year. On Wednesday, Endeavor, a media company that includes the William Morris and IMG agencies and is run by Mr. Emanuel, laid off about 250 of its 7,500 employees. United Talent Agency instituted a companywide salary cut on Monday, with pullbacks based on income. And Paradigm, an agency with a large roster of musicians, jettisoned more than 100 of its 700 employees on Friday. | Hollywood agencies are moving ahead with layoffs and announcing that senior executives — Ari Emanuel among them — will forgo salaries for the remainder of the year. On Wednesday, Endeavor, a media company that includes the William Morris and IMG agencies and is run by Mr. Emanuel, laid off about 250 of its 7,500 employees. United Talent Agency instituted a companywide salary cut on Monday, with pullbacks based on income. And Paradigm, an agency with a large roster of musicians, jettisoned more than 100 of its 700 employees on Friday. |
Gap said it would help source masks and protective gowns from its vendors for California hospitals. Canada Goose said it would reopen two manufacturing facilities to produce scrubs and patient gowns for health care workers and patients in Canada. | Gap said it would help source masks and protective gowns from its vendors for California hospitals. Canada Goose said it would reopen two manufacturing facilities to produce scrubs and patient gowns for health care workers and patients in Canada. |
President Trump’s daily briefings on the coronavirus have attracted an average audience of 8.5 million on CNN, Fox News and MSNBC, roughly the viewership of the season finale of “The Bachelor.” On Monday, nearly 12.2 million people watched Mr. Trump’s briefing on cable news, according to Nielsen. But some journalists and public health experts say that could be a dangerous thing: Mr. Trump has repeatedly delivered information that doctors have called ill-informed, misleading or downright wrong. | President Trump’s daily briefings on the coronavirus have attracted an average audience of 8.5 million on CNN, Fox News and MSNBC, roughly the viewership of the season finale of “The Bachelor.” On Monday, nearly 12.2 million people watched Mr. Trump’s briefing on cable news, according to Nielsen. But some journalists and public health experts say that could be a dangerous thing: Mr. Trump has repeatedly delivered information that doctors have called ill-informed, misleading or downright wrong. |
Reporting was contributed by Michael Corkery, Sapna Maheshwari, Jesse Drucker, Karen Weise, Ana Swanson, Brooks Barnes, Ben Casselman, Patricia Cohen, Niraj Chokshi, Jim Tankersley, Alan Rappeport, Alexandra Stevenson, David Gelles, Julie Creswell, David Yaffe-Bellany, David Enrich, Rachel Abrams, Steven Kurutz, Eduardo Porter, Clifford Krauss, Michael M. Grynbaum, Edmund Lee, Brian X. Chen, Neal E. Boudette, Elaine Yu, Daniel Victor, Jason Karaian, Kevin Granville and Carlos Tejada. | Reporting was contributed by Michael Corkery, Sapna Maheshwari, Jesse Drucker, Karen Weise, Ana Swanson, Brooks Barnes, Ben Casselman, Patricia Cohen, Niraj Chokshi, Jim Tankersley, Alan Rappeport, Alexandra Stevenson, David Gelles, Julie Creswell, David Yaffe-Bellany, David Enrich, Rachel Abrams, Steven Kurutz, Eduardo Porter, Clifford Krauss, Michael M. Grynbaum, Edmund Lee, Brian X. Chen, Neal E. Boudette, Elaine Yu, Daniel Victor, Jason Karaian, Kevin Granville and Carlos Tejada. |