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FILE - In this March 16, 2020 file photo, chairs hang stacked on empty tables at a closed restaurant in New York.  Small business owners across the country waited again Wednesday, April 8,  to receive loan money under the government’s $2 trillion coronavirus relief program. Despite a few reports that some companies had received their loans, the vast majority of the hundreds of thousands of owners who began applying for the loans on Friday were still in limbo. (AP Photo/Yuki Iwamura, File)

Hurry up and wait? Why relief to small businesses has lagged

Apr. 9, 2020 10:44 AM EDT

NEW YORK (AP) — Speed is of the essence if a federal relief program for small businesses is going to be effective in combating the damage wrought by the coronavirus lockdowns. Yet, days into the program, many Main Street businesses are still waiting for the cash infusion necessary to stay alive. Others say...

In this Friday, April 3, 2020, photo, a woman walks by local stores during the coronavirus pandemic in New York. Small business owners hoping for quick help from the government’s emergency $349 billion lending program were still waiting Tuesday, April 7, 2020, amid reports of computer problems at the Small Business Administration.(AP Photo/Mark Lennihan)

Computer issues at SBA said to hold up small business loans

Apr. 7, 2020 11:49 PM EDT

NEW YORK (AP) — Small business owners hoping for quick help from the government’s emergency $349 billion lending program were still waiting Tuesday amid reports of computer problems at the Small Business Administration. The SBA’s loan processing system stopped working Monday, making it...

Customers wear face masks as they line up to enter a supermarket keeping social distancing following the government's measures to help stop the spread of the coronavirus, in Tel Aviv, Israel, Tuesday, April 7, 2020. Israeli Prime Minister Benjamin Netanyahu announced Monday a complete lockdown over the upcoming Passover holiday to control the country's coronavirus outbreak, but offered citizens some hope by saying he expects to lift widespread restrictions after the week-long festival. (AP Photo/Oded Balilty)

Twitter's Dorsey sets up $1B fund; consumers get some breaks

Apr. 7, 2020 11:30 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the global economy, the work place and the spread of the virus. ___________ CUSTOMERS FIRST: The pandemic is sapping trillions from the economy and the ramifications for...

FILE - In this Thursday, April 2, 2020 file photo, Jovita Carranza, administrator of the Small Business Administration, speaks about the coronavirus in the James Brady Press Briefing Room of the White House n Washington, as Vice President Mike Pence, President Donald Trump listen. Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare for the deluge. Small businesses will be seeking loans from the $349 billion Paycheck Protection Program, which was put in place to help them retain workers and pay bills during the coronavirus pandemic. (AP Photo/Alex Brandon, File)

Small business relief program launches, hits snags

Apr. 3, 2020 6:35 PM EDT

NEW YORK (AP) — The federal government’s $349 billion relief program for small businesses got off to a rocky start Friday as hundreds of thousands tried to apply for desperately needed loans. Many small business owners ran into bureaucratic or technological road blocks. Some even discovered their...

The USNS Mercy enters the Port of Los Angeles, Friday, March 27, 2020, in Los Angeles. The The 1,000-bed Navy hospital ship is expected to help take the load off Los Angeles area hospitals as they treat coronavirus patients. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Mark J. Terrill)

California has surge of virus cases that threatens hospitals

Mar. 27, 2020 11:33 PM EDT

LOS ANGELES (AP) — The surge of coronavirus cases in California that health officials have warned was coming has arrived and will worsen, Gov. Gavin Newsom said Friday, while the mayor of Los Angeles warned that by early next week his city could see the kind of crush that has crippled New York. “We...

Unidentified Los Angeles residents are admistered with a test for COVID-19 while in their vehicles inside the Crenshaw Christian Center in South Los Angeles Wednesday, March 25, 2020. With California virus cases surging, Gov. Gavin Newsom said his stay-at-home order for 40 million Californians may stay in place into May.  (AP Photo/Damian Dovarganes)

California governor: 5 big banks suspend mortgage payments

Mar. 25, 2020 9:02 PM EDT

SACRAMENTO, Calif. (AP) — Five of the nation's largest banks have agreed to temporarily suspend residential mortgage payments for people affected by the coronavirus, California Gov. Gavin Newsom said Wednesday. The announcement came as Newsom provided yet another grim statistic about the economic...

FILE - In this Monday, March 16, 2020, file photo, pedestrian traffic is light along Wall Street in Lower Manhattan in New York. The banking system is not as risk of failing as banks have plenty of capital on hand to handle this crisis due to the new coronavirus, economists say. (AP Photo/Craig Ruttle, File)

With billions at stake, banks try to save stunned borrowers

Mar. 24, 2020 2:44 PM EDT

NEW YORK (AP) — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak. Banks are scrambling to put into place loan forgiveness and relief programs, working to keep their customers from...

A view a street in downtown Milan, Italy, Sunday, March 15, 2020, as most people remained home following the indications of doctors and the government in order to slow down the spread of the new coronavirus. For most people, the new coronavirus causes only mild or moderate symptoms. For some, it can cause more severe illness, especially in older adults and people with existing health problems. (Claudio Furlan/LaPresse via AP)

The Latest: Stock market outdoes itself, but not in good way

Mar. 16, 2020 6:07 PM EDT

The Latest on financial markets (all times local): 4:30 p.m. Biggest drop ever. Worst day since. The stock has heard a lot of that over the past few weeks. The market outdid itself again Monday, though not in a good way. The Dow Jones Industrial Average dropped 2,997 points. That's the index's biggest point drop...

Virus seizes markets and it's no longer business as usual

Mar. 16, 2020 2:33 PM EDT

Global markets and businesses big and small opened the week to a landscape seemingly altered by the coronavirus pandemic. A host of retail chains have shut their doors or diminished hours of business. Banks are taking steps to keep cash on hand, lots of it. Markets in Asia, Europe and the U.S. are plunging....

A pair of shoppers wearing masks walks through Pike Place Public Market, Wednesday, March 11, 2020, in Seattle. In efforts to slow the spread of the new coronavirus, Washington state Gov. Jay Inslee announced a ban on large public gatherings in three counties in the metro Seattle area. (AP Photo/Stephen Brashear)

Nervous consumers around world pull back amid viral outbreak

Mar. 12, 2020 12:24 PM EDT

WASHINGTON (AP) — Buffeted by fears of the fast-spreading coronavirus, consumers in the United States and overseas are showing increasing signs of cutting back on spending in what amounts to a severe threat to economic growth. Consumer confidence has declined in most advanced economies in the past month,...