Carlina Teteris Business owners have been eagerly anticipating a $349 billion loan program meant to cushion the economic blow of the coronavirus pandemic. Some will have to wait a little longer. The Paycheck Protection Program, which officially opened for borrowers Friday morning, provides up to $10 million in forgivable loans to small businesses with 500
Brian Moynihan, CEO, Bank of America Scott Mlyn | CNBC Bank of America says it is capable of accepting online applications for the government’s $350 billion small business relief program, becoming the first major bank to make that announcement. Just minutes earlier on Friday, none of the websites of four of the biggest U.S. banks —
In times of market downturns, many of the stocks that take a beating will eventually rebound. Others, not so much. For investors who have a big portion of their assets in one particular stock, the current drubbing may serve as a reminder that diversification matters. It might also be time to make sure you still
Leaning on his experience as a restaurant owner, CNBC’s Jim Cramer said Friday the U.S. government has an obligation to aid small businesses that are shut down during the coronavirus pandemic. “I had a business that was closed. It was doing great, and then one day I learned I was closed,” Cramer said on “Squawk on the Street.”
The German pension and insurance industry was a laggard in the world of online a few years ago, but in recent times it has quickly caught up. There’s further evidence of this trend with the news that Xpension (trading as xbAV), an online platform for pensions and life insurance, has raised €25 million in its
Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between. This morning brought fresh economic bad news for the U.S. economy, with over 700,000 jobs lost in the latest report, despite the window of time measured not including some of March’s worst days, and the
Hardware engineering is mostly document-based. A typical satellite might be described in several hundred thousand PDF documents, spreadsheets, simulation files and more; all potentially inconsistent between each other. This can lead to costly mistakes. NASA lost a $125 million Mars orbiter because one engineering team used metric units while another used English units, for instance.
Most of the world — despite the canaries in the coal mine — was unprepared to cope with the coronavirus outbreak that’s now besieging us. Now, work is starting to get underway both to help manage what is going on now and better prepare us in the future. In the latest development, the UK government today
FILE PHOTO: Britain’s Queen Elizabeth II leaves after the annual Commonwealth Service at Westminster Abbey in London, Britain March 9, 2020. REUTERS/Henry Nicholls/File Photo LONDON (Reuters) – Britain’s Queen Elizabeth II will make an extremely rare nationwide address to the nation on Sunday as it grapples with an increasingly deadly coronavirus outbreak. “Her Majesty The
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. Global cases: More than 1,026,900 Global deaths: At least 53,975 US cases: At least 245,500 US deaths: At least 6,058 The data
A few hours before the expected launch of a federal program to dole out at least $350 billion in loans to small businesses struggling amid the coronavirus pandemic, none of the participating banks interviewed by CNBC are sure they’ll be ready. From massive global institutions with trillion dollar balance sheets to regional banks and small
A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China July 17, 2018. Jason Lee | Reuters Here we go again. It sounds outrageous: The chief operating officer of Luckin Coffee, the largest domestic coffee chain in the China, was accused by his own company of fabricating much of
As millions of jobs are lost to the coronavirus pandemic, almost half of low-income Americans say they expect to burn through their savings within three months, according to a survey released Thursday. The government’s monthly employment numbers for March, due to be released Friday, are expected to show an unprecedented surge in layoffs by businesses
A view of an empty restaurant is seen at Grand Central Station on March 25, 2020 in New York City. Angela Weiss | AFP | Getty Images Barry O’Donovan opened his Irish pub across from a railroad station used by Wall Street commuters just five days before Lehman failed. His business survived the Great Recession.
Media playback is unsupported on your device The first of the government’s emergency field hospitals to treat coronavirus patients has opened in east London’s ExCel centre. The temporary NHS Nightingale Hospital is able to hold as many as 4,000 patients and will be staffed by NHS medics with help from the military. Prince Charles paid
Dr William Frankland, a British immunologist who transformed the world’s understanding of allergies, has died aged 108. His pioneering work included developing the idea of a pollen count to help hay fever sufferers. Dr Frankland, whose medical career spanned 70 years, was known as “the grandfather of allergy”. As a British army doctor in World
Lunar, the Nordic challenger bank that started out life as a personal finance manager app (PFM) but since acquired a full banking license last year, has extended it Series B round with an additional €20 million in funding. It brings the Series B total to €46 million, having disclosed €26 million in August last year.
The aftermath of the Covid-19 crisis will transform the way we live, work and travel in the UK, the AA says. It predicts a permanent reduction in the demand for travel because people have learned during the crisis to use home-working technology. The implications are profound for commuters and for government finances. The chancellor currently
Volunteers dressed in protective suits, masks, gloves and goggles carrying blood and throat mucous samples to test for COVID-19 on March 27, 2020 in Berlin, Germany. Sean Gallup | Getty Images This is a live blog. Please check back for updates. Global cases: More than 1,011,000. Global deaths: At least 52,800. Top 5 countries: United States (242,182),
Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy. “The economic shock wave that’s coming is going to be like nothing that