Two weeks. Maybe a month.
FILE PHOTO: A view of Bourbon Street amid the outbreak of the coronavirus disease , in New Orleans, Louisiana, U.S. March 25, 2020. REUTERS/Jonathan Bachman/File Photo
How fast loans can be made could determine whether the economic fallout from the current crisis becomes as deep and persistent as it was when a housing bubble collapsed in 2007 and triggered a two-year financial crisis and recession. The Fed program is expected to target businesses with between 500 and 10,000 employees, with other steps being taken to aid the largest firms and the SBA helping smaller ones.
The St. Louis Fed estimates that 46 million workers that have “high contact” with the public may become unemployed in coming weeks - with the aim now to make their time off the job as short as public health concerns allow, and with offsetting benefits like unemployment payments.
Look Trailers, based in Middlebury, Indiana, has scaled back at four of its six plants and furloughed 400 of 525 workers, who can now claim unemployment benefits.
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