According to the government, under the financial relief bill signed on Friday, “the average worker who has lost his or her job will receive 100 percent of their salary for up to four full months.”
But when will we see it? Millions across America have now lost their jobs, how and when will we see the support from the government come into action?
Understandably many people across the world are terrified about their outgoings. Rent? Bills? It’s a scary time to exist – but one man is doing his bit to make tenants feel a lot more secure.
Keep scrolling to find out more…
But what does it all really mean for you and me?
How long can the country stay closed for business?
Saying that he might be able to tell workers to get back to business by Easter, April 12th.
Trump eventually changed his tune when scientists and doctors discouraged the idea, saying it could prolong the crisis and make more Americans sick.
Recommending that all Americans continue to shelter from the virus.
The White House coronavirus task force shared on Monday, that even if the rate of infections and death tolls peak in April, the virus will still be prominent in May.
He said earlier this week that the six hundred dollar boost to unemployment checks would be delivered to states this week.
The Treasury Department has said that it expects small businesses to be able to apply for emergency loans by Friday.
As long as the money is used to cover paychecks and other expenses that will enable them to stay in business, such as paying rent.
The economists didn’t expect it to be this bad.
Those who have studied the unemployment statistics expected it to be a bloodbath, but the reality is so much worse.
Over 6.6 million people filed for unemployment for the first time just last week, which is even worse than the historically unprecedented 3.3 million claims the week before that.
It was the Bureau of Labor that released the new jobless total on Thursday morning.
The pandemic has left millions of workers secluded at home, bringing everyday life as we know it to a standstill.
The figures suggest that roughly 10 million Americans have lost their jobs over the last two weeks.
Morgan Stanley had expected a number closer to 4.5 million, whereas Goldman Sachs estimated roughly 5.5 million. The reality is, it would be more accurate if you added both their estimates up.
And so have the rest of America. Goldman Sachs predicted this week that the U.S. economy will shrink by 34%.
But there is some positive news, the banks predict that half the economic decline should be recovered by the end of this year, as the cases of coronavirus begin to decline.
These are in the industries that were first hit by the virus, such as hotels and restaurants.
According to the Department of Labour, these are; healthcare, manufacturing, retail, and construction.
Spending 2 trillion dollars in emergency aid, which cheered up the stock market, but hasn’t saved any jobs so far.
A $600 weekly bump in unemployment benefit checks for laid-off workers across the country, $1,200 checks to be sent directly to American adults, $350 billion in loans to small businesses and gig economy workers, and a $500 billion fund for loans to industries and states.
Congress is looking into this and discussing a further round of stimulus.
The more people following social distancing rules, and remaining isolated, the quicker this virus will die off.
Keep scrolling to see what an infected man from New York did to see his newborn baby…
Not only of the virus itself, but of the implications it has regardless. You could lose your job, you mightn’t be able to afford your rent? What will you do?
Landlords don’t have a good reputation globally, however Mario Salerno is restoring the world’s faith.
And his tenants realized just how good of a landlord he is when they saw his notes on their doors this week.
The note read:
Please note I am waiving rent for the month of April 2020. Stay safe, help your neighbours and wash your hands!!!
After refusing to accept rent for this month, Salerno explained:
I want everybody to be healthy. That’s the whole thing. For me, it was more important for people’s health and worrying about who could put food on whose table. I say don’t worry about paying me, worry about your neighbour and worry about your family.
Mario, who runs his own autobody shop in Brooklyn, and many regard him as one of the ‘kindest men they have ever met’.
Surely you can sacrifice one months rent to help people stay safe and healthy during these terrifying times for the world.