Global stocks decline … When will the check be in the mail? … Outbreak’s global economic cost may top $4 trillion
BEIJING (AP) – Global stock markets declined today after soaring U.S. job losses tempered enthusiasm about a possible deal to stabilize oil prices amid anxiety over the global economic decline due to the coronavirus pandemic. London and Frankfurt opened lower while Shanghai, Hong Kong and Sydney retreated. Tokyo closed little-changed after spending part of the day in negative territory. Wall Street is expected to open lower, with Dow and S&P futures are both off 1%.
WASHINGTON (AP) – The federal government is sending financial help to millions, but the timing of those payments may vary. The government expects to begin making payments to millions under the new stimulus law the middle of this month, but some people without direct deposit information may not get checks until mid-August or later. A document from the House Ways and Means Committee says the IRS will make about 60 million payments to Americans through direct deposit in mid-April, likely the week of April 13. Paper checks will be issued, starting May 4, but could take up to 20 weeks.
IOWA CITY, Iowa (AP) – As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out. The Paycheck Protection Program was billed as a way to help local businesses retain workers and pay bills. But an expansive definition of “small business” in the law means that it will be open to much more than just Main Street shops when lenders start processing applications today. Operators of name-brand hotel, restaurant and service chains and franchises with thousands of employees at scores of locations are also eligible.
UNDATED (AP) – The Asian Development Bank forecasts that the coronavirus pandemic will cost the world economy as much as $4.1 trillion, or nearly 5% of all economic activity. The regional lender said Friday that growth in developing Asia would likely fall to 2.2% in 2020 from 5.2% last year. Finance officials in China have promised to ensure that entrepreneurs who are China’s economic engine get the loans they need to recover from the coronavirus pandemic.áAnd in France, one of the largest auto insurers says costs are crashing as drivers stay home in coronavirus shutdowns. Accidents are down by as much as 80% as people keep their cars parked.
UNDATED (AP) – One of France’s largest auto insurers says costs are crashing as drivers stay home in coronavirus shutdowns. The MAIF is telling clients that it plans to refund some of the savings from a 100 million euro ($108 million) drop in traffic-accident payouts. The Asian Development Bank forecasts that the coronavirus pandemic will cost the world economy as much as $4.1 trillion, or nearly 5% of all economic activity. The regional lender says growth in developing Asia would likely fall to 2.2% in 2020 from 5.2% last year.