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Stranger Than Fiction
A brief daily note of things you might find interesting or useful
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TOP NEWS
Many small businesses are in trouble because the Federal aid program doesn’t cover most non-payroll expenses. The PPP (Paycheck Protection Program) requires that 75% of the funds go for employee salaries, and no more than 25% on rent, mortgage interest and utility payments. Many businesses in urban areas like such as restaurants, salons and shops in New York, Los Angeles and Chicago tend to have modest payrolls and high rent costs.
Apple and Amazon had been holding up the market along with other tech stocks, yesterday they reported weak earnings. Amazon announced record revenue but COVID-19 costs ate into profits. Apple held off on providing guidance for the current quarter for the first time since late 2003.
Asia has seen a sharp decline in COVID-19 cases. New cases in Hong Kong have stayed below five over the past 13 days. China reported 12 new infections, half coming from overseas travelers. In South Korea, daily cases have stayed below 11 all week.
Biden addressed sexual assault charges against him for the first time. “They aren’t true. This never happened,” Biden said in a written statement ahead of an interview on MSNBC’s “Morning Joe” where he was expected to address former Senate staffer Tara Reade’s allegations. Biden said he doesn’t remember any type of complaint she made.
WHAT I’M READING + WATCHING + LISTENING TO
THE COMMENT
“The cap is a mistake,” said Glenn Hubbard, dean emeritus at Columbia Business School, who along with Michael Strain of the American Enterprise Institute, worked closely with Congress and the Trump administration in developing the plan. “Treasury and the SBA were not really fulfilling the intent of the original legislation. It really reflects the lack of understanding about how small businesses’ expenses work.”
THE STRANGEST
THE AV ROOM