• Over half of NY restaurants face closure without COVID-19 bailout

    Over half of NY restaurants face closure without COVID-19 bailout

    Nearly two-thirds of restaurants in New York State say they’ll have to shut their doors if they don’t obtain additional government relief, according to a grim survey released Thursday. The New York State Restaurant Association polled 1,042 eateries and 64 percent said they are likely to close by year’s end without help to counter a …
  • From bailouts for the rich to stimulus for the dead, Congress has already made its incompetence clear

    From bailouts for the rich to stimulus for the dead, Congress has already made its incompetence clear

    In the United States and around the world, concern is mounting over a potential COVID-19 “second wave” as economies reopen and nominal coronavirus case numbers rise. While we don’t yet know how the virus will play out and whether this concern is warranted, one thing is certain—no matter what happens, American taxpayers shouldn’t support a …
  • Hospitals flush with cash got billions in coronavirus bailouts

    Hospitals flush with cash got billions in coronavirus bailouts

    Hospitals hoarding massive piles of cash got billions of dollars in federal coronavirus bailouts while vulnerable health centers were forced to scrape by, a new report says. The feds have given more than $5 billion in grants to 20 big hospital chains that already had more than $108 billion in cash, the New York Times …
  • Lawmakers make push to offer coronavirus bailout for auto industry

    Lawmakers make push to offer coronavirus bailout for auto industry

    Federal lawmakers are making a bipartisan push to bail out the auto industry as the coronavirus crisis causes car sales to plummet, a new report says. Midwestern representatives are circulating a letter to convince their colleagues to throw auto manufacturers and suppliers a financial lifeline in a future relief package, The Washington Post reported Wednesday. …
  • JPMorgan Chase secures $15 billion for second round of PPP funding

    JPMorgan Chase secures $15 billion for second round of PPP funding

    JPMorgan Chase said Friday it has secured roughly $15 billion in the second round of Paycheck Protection Program funding, with about $8.4 billion of that going to small businesses in the Tri-State Area. The nation’s biggest lender started notifying clients in the wee hours of the morning that their emergency funding from the Small Business …
  • Shake Shack to return $10 million meant for small businesses during pandemic

    Shake Shack to return $10 million meant for small businesses during pandemic

    Burger giant Shake Shack plans to return $10 million it received from a government loan program meant to protect small businesses during the coronavirus crisis. The New York-based fast food chain was one of several large restaurant companies that got a multi-million-dollar loan through the Trump administration’s $349 billion Paycheck Protection Program aimed at helping …
  • United cuts May flights by 90 percent, tells employees to brace for job cuts

    United cuts May flights by 90 percent, tells employees to brace for job cuts

    United Airlines Holdings Inc said on Wednesday that it has cut its flight schedule by 90% in May and expects similar cuts for June as a result of the coronavirus pandemic, and warned that travel demand that is now “essentially at zero shows no sign of improving in the near term,” making job cuts likely. …
  • Car-rental firm Hertz seeks coronavirus bailout

    Car-rental firm Hertz seeks coronavirus bailout

    Carl Icahn’s car-rental company, Hertz, is seeking a bailout from Uncle Sam to fend off a looming cash crunch that threatens to push it over the edge, The Post has learned. Hertz Global Holdings, known for snagging OJ Simpson as its spokesman at the height of his football career, faces a $1 billion-to-$1.5 billion budget …
  • Bank of America’s profit slides 45 percent as it braces for defaults

    Bank of America’s profit slides 45 percent as it braces for defaults

    Bank of America chief Brian Moynihan has spent a decade preparing his megabank for the next financial crisis, but he still wasn’t fully prepared for the coronavirus pandemic. On a Tuesday morning call with reporters discussing first-quarter results, the chief executive said his $2.3 trillion bank is ready to weather the unprecedented COVID-19 outbreak, but …
  • White House, major airlines reach terms for $25B bailout

    White House, major airlines reach terms for $25B bailout

    Major airlines and the Treasury Department have reached terms for a $25 billion coronavirus bailout to prevent layoffs after a severe plunge in demand. The funds, approved last month by Congress as part of a more than $2 trillion stimulus bill, will be distributed to companies that agree not to furlough workers before Oct. 1. …