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Main Street Lending Program | Federal Reserve System

A new program launched to help small businesses affected by the coronavirus through the Federal Reserve System will have two main parts. These two facilities are the Main Street New Loan Facility and the Main Street Expanded Loan Facility. A Reserve bank will purchase 95 percent participations in loans derived from eligible lenders, who will retain the remaining 5 percent. To ... Read More »

The world’s largest vaccine maker is producing 40 million units of a coronavirus vaccine on trial in Oxford, without knowing whether it works | Business Insider

The largest vaccine producer in the world has begun making 40 million coronavirus vaccines while it is still in the trial stages. The Serum Institute of India has started production before the University of Oxford completes the human trials. The Oxford Vaccine Group has commented that they hope to complete the tests by September. Last week the first two humans ... Read More »

The pandemic will change American retail forever | The Atlantic

Due to restrictions from the coronavirus, movie theaters, restaurants, salons, gyms, and other stores have been closed down. Many are wondering what will open back up and when. As more people shop online, work from home, and order food by delivery, will the retail world in America be the same? Another concern is that people will want to move out ... Read More »

Gyms are eager to reopen, but are they safe? | NBC News

As the coronavirus outbreak continued to worsen and nonessential businesses had to close, gyms were amongst those ordered to close. Now, some have moved to providing online workout classes, and people have been ordering more equipment for a home gym. President Trump has announced that gyms may begin to reopen as long as they follow strict guidelines for social distancing ... Read More »

The Small Business Administration just told thousands of businesses applying for disaster loans that their personal information was mistakenly leaked | Business Insider

The Small Business Administration has confirmed that 7,913 small businesses who applied for an economic injury disaster loan had their personal information exposed on the website. The impacted section of the website was taken down immediately once the issue was discovered. Exposed information included Social Security numbers, emails, phone numbers, and addresses. The SBA has since resolved the issue and ... Read More »

Zoom took months to repair a flaw that would allow hackers to take complete control of a computer | Business Insider

It took Zoom three months to fix and address a security issue that allowed a hacker to take control of a computer that was running Apple’s macOS. Numerous security researchers from Dropbox were ale to test and confirm the issue. However, Zoom fixed the issue months later and only after they had run their own tests, leaving users vulnerable for months ... Read More »

Coronavirus: Branson offers Caribbean island to secure Virgin bailout | BBC News

Virgin Group’s airline has been seeking relief due to economic downturn from the coronavirus. Sir Richard Branson has since put his private island in the Caribbean up as collateral in order to receive aid for the UK government. Virgin Group’s airline in Australia has also taken a major hit, and there is speculation as to if the company will survive. ... Read More »

Report: Dallas-based Neiman Marcus preparing to declare bankruptcy | Click2Houston

Neiman Marcus Group is about to be the first major U.S. department store to suffer an extreme economic blow due to the coronavirus. A source has reported that the Texas retail brand is about to declare bankruptcy. This comes after the company had to close all 43 brick and mortar stores, and they had already furloughed some of their 14,000 ... Read More »

The 23 best sources of emergency funding for small businesses available right now if you’ve been denied a government loan | Business Insider

The CARES Act passed by Congress enabled small businesses to acquire emergency loans in order to keep their companies up and running. However, that money has run out and businesses are scrambling to find another source of funding. The Small Business Administration is a solid source that will give out loans up to $2 million for small businesses facing loss ... Read More »

Hobbled by coronavirus, China’s first-quarter GDP shrinks for first time on record | Reuters

Gross domestic product in China has fallen by 6.8% during this first quarter. Analysts are now working to combat unemployment and failing businesses. “First-quarter GDP data is still largely within expectations, reflecting the toll from the economic standstill when the whole society was on lockdown,” commented chief economist Lu Zhengwei. Spokesmen have also noted that their main concern is domestic demand, ... Read More »