Tag Archives: Coronavirus

Unprecedented Collapse: US Airline Traffic Currently Just 10% Of Normal

Previously we reported that the US restaurant and retail industries have all but shut down. We can now add airlines.

According to this stunning chart from Deutsche Bank’s Torsten Slok, US airline passenger traffic is currently just 10% of normal. As Slok explains, “on a normal day in March, over 2 million people travel by air in the United States. Yesterday that number was 279,018.”

And somehow Boeing hopes to have the 737 MAX flying in May…

Source: ZeroHedge

California Rents RVs And Hotel Rooms To Protect Homeless During Coronavirus Outbreak

  • Los Angeles’ homeless population will be sent to live in RVs as part of efforts to stem the spread of COVID-19
  • Anyone without a home in which to self-isolate will be provided with a hotel room or sent to live in an RV
  • Governor Gavin Newsom revealed up to 900 hotels were being prepared to house those with symptoms 
  • Coronavirus symptoms: what are they and should you see a doctor?

Holidaymakers have been asked to leave and others warned to avoid the area surrounding Dockweiler Beech RV site (pictured) in the city of El Segundo, California, amid preparation for the growing Coronavirus pandemic

Los Angeles’ homeless population could find themselves self-isolating inside a beachside RV in the coming months – as California frees up hundreds of motorhomes and hotel rooms for those in need.

Holidaymakers have been asked to leave and others warned to avoid the area surrounding Dockweiler Beech RV site in the city of El Segundo, California, amid preparation for the growing Coronavirus pandemic.

Hand washing stations have popped up in Los Angeles and San Francisco around large homeless populations and Governor Gavin Newsom revealed the state is acquiring around 900 hotels with tens of thousands of rooms to be converted for the use of both hospital patients and the homeless. 

In the next few weeks, dozens of camper vans parked along the beach front are expected to become home to vagrants ordered into quarantine.

California boasts a homeless population of more than 100,000 and with no way for them to wash their hands or maintain hygiene, it was a highly at-risk group – diseases already run rife with central LA’s Skid Row recently seeing outbreaks of typhus and Hepatitis A.

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Ohio Unemployment Skyrockets By 600% After All Bars & Restaurants Shuttered

The Century Bar, Dayton Ohio (image from Facebook)

Is a global recession already beginning as the vast majority of the US and other countries’ workforce grinds to a halt while large cities begin to receive ‘shelter in place’ directives? Yes, says Goldman; and more and more top economists are saying Tuesday it’s a near-certainty. State unemployment numbers are about to bear that out.

A new Marist poll this week for NPR/PBS News found 18% of US adults responding they’d already either been laid off or had significant reduction of hours due to the ripple effect of the pandemic.

For an indicator of just how high national unemployment may skyrocket, look no further than Ohio, which on Sunday night declared a ‘health emergency’ and shut down all bars and restaurants state-wide. Journalist Liz Skalka for The Toledo Bladereports that Ohio Senator Rob Portman (R) received “new data on Ohio’s unemployment claims today: 45,000 claims this week compared to 6,500 last week.”

The state-wide ordered shutdown of dining and drink establishments by Ohio Governor Mike DeWine on Sunday night impacted about 10% of the state’s workforce, some 500,000 people. 

A 45,000 unemployment claims number jump from 6,500 means a whopping one-week increase of 592%, and surely now already to soar past 600% into next week.

Likely, Ohio is the canary in the coal-mine at a moment restaurants and bars across New York, California, and other large states are also fast being ordered to shutter their doors.

As of Tuesday Ohio announced 67 confirmed Covid-19 cases across 16 counties, resulting in 17 hospitalizations thus far.

Federal data issued in February counts 11,674,000 employees in restaurants in bars across the nation. These jobs are about to be decimated, assuming the latest breaking Ohio numbers of just the past week sets the trend.  

“I think that the odds of a global recession are close to 100 percent right now,” Kevin Hassett, Trump’s former chair of the Council of Economic Advisers told CNN on Tuesday. “I think in the US, we’re going to have a very terrible second quarter.”

“You’re looking at one of the biggest negative jobs numbers that we’ve ever seen,” he added, warning further the US is set to shed 1 million jobs in March.

Source: ZeroHedge

Administration Announces 90-Day Delay For Many Tax Payments

WASHINGTON (AP) — The Trump administration says individuals and businesses will be allowed to delay paying their 2019 tax bills for 90 days past the usual April 15 deadline. The extension announced Tuesday is an effort to inject up to $300 billion into the economy at a time when the coronavirus appears on the verge of causing a recession.

Treasury Secretary Steven Mnuchin speaks during a press briefing with the coronavirus task force, at the White House, Tuesday, March 17,… (AP Photo/Evan Vucci)

Treasury Secretary Steven Mnuchin said individuals will be able to delay paying up to $1 million in payments. Corporations will be able to defer payment on up to $10 million.

Taxpayers will still have to file their tax returns by the April 15 deadline. But they won’t have to pay their tax bill for 90 additional days. During that time, individuals and corporations will not be subject to interest or penalty payments.

“All you have to do is file your taxes,” Mnuchin said.

The Treasury secretary said President Donald Trump had approved the final details of the program, including its expansion to include the potential of allowing taxpayers to keep $300 billion in the economy for now. Last week, Mnuchin had estimated that deferred payments would amount to $200 billion.

Mnuchin had said the delay would apply to all but the “super rich” but did not spell out how the payment delay will work. The IRS has yet to release specific guidelines for the program.

The IRS is using authority under Trump’s national emergency declaration to take the step of approving the 90-day payment delay. Mnuchin encouraged taxpayers to keep filing their returns because many of them will be receiving refunds that they will be able to use to pay bills during the economic downturn.

As of Feb. 21, the IRS had issued more than 37.4 million refunds averaging $3,125.

Mark Zandi, chief economist at Moody’s Analytics, said that the tax delay program was only a stop-gap program but that it should help cushion the economy during a period of severe stress.

“Individuals and small businesses need cash right now,” Zandi said. “Anything that delays them having to send a check to the IRS will allow them to pay for their groceries and make mortgage payments and pay other bills.”

Under normal filing procedures, taxpayers must pay their obligations by April 15, although they can get a six-month extension to file the full return.

Mnuchin, who spoke to reporters at the White House, said that as part of a stimulus plan being negotiated with Congress, the administration is considering ways to send checks to Americans to help alleviate the impact of job losses from layoffs at restaurants and the tourism industry.

“Americans need cash now, and the president wants to give cash now and I mean now in the next two weeks,” Mnuchin said.

Source: by Martin Crutsinger | The Seattle Times

Here Come The Mass Layoffs: New York Unemployment Site Goes Down After “Tens Of Thousands” Lose Their Jobs

In many ways the US economy is currently in the eye of the coronavirus storm: cities and states are under quarantine lockdown, the CDC has prohibited any groupings of more than 50 people; stores, clubs, restaurants, bars and hotels are voluntarily shuttering indefinitely as the economy grinds to a halt and yet besides a tapestry of ghost cities across the nation, the immediate impact of the devastating viral storm on the service economy has yet to manifest itself.

But the hurricane is about to hit front and center, and the service-industry mecca of New York City is leading the way.

As the Daily News reports,New York’s unemployment website was overwhelmed Monday as the coronavirus pandemic put tens of thousands of people across the state out of work.

The flood of suddenly jobless workers hitting the Department of Labor website with applications for unemployment benefits was unleashed by a drastic move by Gov. Cuomo, who announced all of the state’s restaurants, bars, movie theaters, gyms and casinos would close by 8 p.m. Monday to contain the corona outbreak.

So many people tried to apply that the website crashed several times throughout the day, while the DOL’s hotline was so jammed up that callers seeking aid could not get through to someone who could handle their claim.

The unemployed can apply from 7:30 a.m. to 5 p.m. on weekdays. DOL spokeswoman Deanna Cohen said the department saw a “spike in volume comparable to post 9/11,” adding there are more than 700 staffers assigned to handle the high demand.

Gabe Friedman, unemployed drag queen

“I’m completely unable to log in and apply” said 26-year-old Gabe Friedman, a drag queen who performs under the name Kiki Ball-Change. “Me and so many other drag queens are completely out of work for at least two months. If I pay rent at the end of April, I would be broke.”

It’s not just the drag queens that find themselves with zero demand for their unique “skills”: tens of thousands of workers across New York’s service industries have already been, or are about to be let go as their employers are forced to either shut down permanently or hibernate until the economy recovers.

The DOL on Sunday waived a seven-day waiting period on unemployment benefits for people out of work due to coronavirus — but that concession proved to be moot as many people could not apply at all.

Rita Lee, 57, who works in the film industry (hopefully not as a drag king), said she started to apply Sunday night after movie productions shut down across the city. She hit a wall once applications opened Monday.

From 11 a.m. to 3 p.m. Lee tried and failed to apply on the website, saying she kept “getting either a system or server error message, or the page will never load.”

“I’ve called all the toll-free numbers, which are recordings that redirect you to a main menu or a message saying that all the operators are overloaded now and to call back,” said Lee. “Can’t reach a human to help.”

David Stollings, a sound engineer at a now-shuttered Broadway theater, called the situation a doozy. “I got the site to load once,” said Stollings. “Before this it was just not loading at all.”

Marnia Halasa, a Manhattan-based figure skating coach, said she was also unable to apply and became worried about paying rent. “What if I have to blow the New York popsicle joint and run back to Ohio to live with my father?,” asked Halasa, who’s lived in the city for 28 years.

* * *

While it is not clear how many New Yorkers will lose their jobs due to the pandemic, Empire Center founder E.J. McMahon told the NYDN the hit could be worse than the Great Recession of the late 2000s when roughly 370,000 people lost their jobs in a more than two-year span.

“The website crashed, that’s evidence that there has never been anything like this so quickly,” said McMahon. “You can fix a computer glitch. But I don’t think the problem is how the safety net operates. I think the problem is how the economy operates in the future for all these people.”

Incidentally, the chief economist of a multi-billion macro hedge fund advised us that they are now modeling approximately 10 million job losses over the next two to three months. We leave it up to readers to decide if that’s too little, too much or just right.

Source: ZeroHedge

California Provides Unemployment Insurance For Workers Unable To Work Due To Coronavirus

SANTA BARBARA, Calif. – The Employment Development Department (EDD) of California is providing workers who are unable to work because of the coronavirus with various insurance claims they may be eligible for.

Governor Gavin Newsom informed the public about these claims on Twitter Monday afternoon.

The Unemployment Insurance claim provides partial wage replacement benefit payments to workers who lose their job or have their hours reduced, through no fault of their own.

The department says workers must remain able and available and ready to work during their unemployment for each week of benefits claimed and meet all other eligibility criteria. Eligible individuals can receive benefits that range from $40-$450 per week.

The department is also reminding individuals that they can file a Disability Insurance claim if they become sick or quarantined with the coronavirus. This claim, which is available for non-work-related illness, injury or pregnancy, provides short-term benefit payments who are losing money due to their health condition.

In order to file for this claim, the worker’s claims must be certified by a medical professional. Benefit amounts are listed as being around 60-70 percent of wages (depending on income) and would range from $50-$1,300 a week.

Those who are unable to work because they are caring for someone sick with the coronavirus are able to file a Paid Family Leave claim. This claim provides up to six weeks of benefit payments to workers who are losing wages while caring for a family member with a serious illness.

The benefits from the Paid Family Leave claim would cover 60-70 perfect of the worker’s wages (depending on income) and would range from $50-$1,300 a week as well.

For more information from the EDD about potential insurance claims related to the coronavirus, you can visit their website here.

Source: by Jessica Brest | KEYT News

Anxiety or Covid-19: What is the Real Danger to Your Realty Business?

(Denise Lones) There are many ways to react about the virus breakout. It doesn’t seem to matter where you go – the news is talking about it everywhere. It is completely normal to feel concerned, unsure, nervous, worried, and more.

However, the reality is that there is not a lot that any of us can do about the virus other than be informed and be aware of the things that we can do to keep ourselves and our families safe. From a business perspective it may seem like there is a lot of doom and gloom out there, but there are many things you could be doing to keep yourself busy and productive.

If you find yourself more home bound than usual, there are some things that you can do to make that time productive. You can:

  • Catch up on your client connections by sending out a mailer or cards,
  • Work on your Annual Client Reviews which often get put off because you are too busy,
  • Do custom research for each of your potential clients and send it to them now, while they too may be home bound and have extra time.

While it may feel like the world is slowing down and that real estate may come to a screeching halt, that is just not realistic, and it is not worth worrying about. Stop panicking and start taking action to catch up on projects or to help your potential buyers and sellers plan to do the things that they haven’t had time to do. How many times does a seller tell you that they can’t put their home on the market until they paint a room or put away their belongings or do a deep cleaning? This could be the perfect time for them to complete this project that never seems to make it into their regular schedule.

While the rest of the world may be focusing on only the negative try to keep your mind focused on something more positive and productive. Sit down and make a list of all the projects you would love to complete and then start tackling them.

Don’t spend your time focusing on the “what ifs” of this virus. Focus on what you have control over which is making a huge dent in the things you have been putting off. It is normal to worry, but try to put things into a more positive light. 

Source: By Denise Lones CSP, M.I.R.M., CDEI | Active Rain