FINALLY! Second Stimulus Package Update: NEW Stimulus Check & More Thursday, May 21st

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Key Financial News & Economic News
After a week full of stock market gains, stocks edged lower this morning because of economic data on the labor market and manufacturing sector. Unemployment data came out this morning. Jobless claims were expected to be million according to Bloomberg when the Labor Department releases the latest figures on at 8:30am today. More than 36 million Americans have filed for unemployment benefits since the pandemic began. Macy’s said Thursday it expects first-quarter sales to fall by as much as 45%, and it could report a loss of more than $1 billion, as the department store operator was forced to shut stores amid the Covid-19 crisis. Best Buy said Thursday that its revenue and earnings fell in the first quarter, despite an initial surge of shopping as customers set up their home offices and prepared for kids to attend school remotely during the pandemic. Business activity in Europe and Japan continued to decline in May but at a slower rate, data showed Thursday, suggesting any recovery will be exceedingly slow. Nearly 860,000 people traveled to newly opened parts of Maryland and Virginia last weekend, raising fears that lifting restrictions in some rural areas could lead to an influx of visitors from more densely populated coronavirus hot spots.

Ford Motor Co.  stopped assembly lines at key factories in Chicago and Michigan on Wednesday for a second day in a row late Wednesday morning because of the latest sign of the risks to companies and their employees as they attempt to resume work during the Covid-19 outbreak. The two Ford employees that tested positive for the virus passed an initial temperature check when they arrived for their shifts on Tuesday, the company spokeswoman said. It was unclear how they later tested positive during their work shifts, she said. Global coronavirus infections passed five million on Thursday, according to Johns Hopkins data. In the , there are nearly million confirmed infections and the death toll has passed 93,400, according to Johns Hopkins. Globally, more than 328,000 people have died. World Health Organization Director General said Wednesday that more than 100,000 new infections were reported over the previous 24 hours, the highest one-day total since the outbreak began late last year.

New Stimulus Check
The elections coming up have a big influence over the second stimulus package. The republicans have 2/3 control. They have control of the presidency and the senate.

PPP Loan
The government has had a lot of complaints over the terms of the loan programs and the piecemeal way the programs have been implemented. Lawmakers are also frustrated by this and Senate Minority Leader Chuck Schumer (D., ) called its “lack of transparency and unresponsiveness.” The SBA says it had approved 252,340 disaster loans worth nearly $25 billion as of May 17. But there is a large backlog—it had million disaster loan applications by the end of last month.

#SecondStimulusCheck #StimulusUpdate #Stimulus
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