economy

How To Make Your Coronavirus Stimulus Check Last

Mar 30, 2020
Karin / stock.adobe.com

  

If all goes according to plan, you might see a $1,200 deposit in your bank account sometime in the next few weeks. The 3 million people who’ve recently filed for unemployment will get an extra $600 a month, and people with kids will get even more money.

Chuck Quirmbach

The biggest financial help from the federal government during the COVID-19 pandemic passed the U.S. Senate Wednesday night. A House vote on the $2 trillion coronavirus stimulus package may come Friday. President Trump is promising to sign the measure that his administration helped craft.

But Wisconsin and national economists say the financial and unemployment crunch will still likely get worse before it gets better. 

>>The Latest WUWM & NPR Coronavirus Coverage

Updated at 10:51 a.m. ET

A record 3.28 million Americans filed for unemployment benefits last week as the coronavirus pandemic shut down much of the country. The Labor Department's report for the week ended March 21 was one of the first official indicators of how many people have suddenly been forced out of work nationally.

In the prior report, for the week ended March 14, initial claims totaled 282,000.

Michelle Maternowski / WUWM

Here’s news for small businesses, private non-profit organizations, small agricultural co-ops, and aquaculture enterprises that have been financially harmed by the COVID-19 outbreak:  Those in Wisconsin, and in some nearby counties in neighboring states, can now apply to the U.S. Small Business Administration (SBA) for low-interest loans. 

Updated at 5:52 p.m. ET

The Dow Jones Industrial Average fell 913 points, leaving the index 2.8% lower than when President Trump took office. Friday's drop culminated a staggering week of losses as the coronavirus impact took an economic toll.

The Dow closed down nearly 4.6% Friday, and the S&P 500 index fell 4.3%. The Nasdaq dropped nearly 3.8%.

Chuck Quirmbach

Industries across the United States are making the recommended adjustments to their daily operations to try and help curb the spread of the coronavirus. Wisconsin is no exception.

On Tuesday, Gov. Tony Evers ordered a ban on gatherings of 10 or more people. Also effective Tuesday: restaurants can only offer take-out or delivery services. 

Updated at 5 a.m. ET on Monday

European shares dropped more than 8% on Monday, led by losses in Italy and France, the two countries hardest-hit by the coronavirus pandemic that has girdled the globe in recent weeks, infecting tens of thousands of people, severing supply chains and slowing commerce as people are forced to stay home.

In early trading, Italy's FTSE MIB, France's CAC 40 and Germany's DAX were all down more than 8%, with London's FTSE 100 just behind, dropping more than 7%.

Updated at 4:04 p.m. ET

The stock market has suffered a relentless, breathtaking drop — moving deeper into bear territory. Stocks fell so fast Thursday morning that it triggered a 15-minute halt in trading for the second time this week.

The Dow Jones Industrial Average fell 2,352 points, or nearly 10% — the biggest one-day drop since 1987. The S&P 500 and the Nasdaq were each down more than 9%.

Economic Policies Running Thin Amid Coronavirus Woes

Mar 10, 2020
Drew Angerer / Getty Images

While the COVID-19 outbreak has led to some heavy handed approaches to public health, many Americans may also feel the effects of the economy’s invisible hand. The Dow Jones Industrial Average fell by more than 5,000 points since the outbreak took off, and the S&P 500 fell by 8% on Monday alone. These were the biggest drops since the 2008 recession.

John Haynes

Just about every morning, Ryan Klussendorf wakes up at 5 to get his cows ready for the day. He milks them, feeds them, and then it’s time to start on paperwork before doing it all again in the afternoon. It’s a job that he and his wife Cheri have done for most of their lives. 

Mario Tama / Getty Images

The Milwaukee-based Manpower survey shows a stable hiring picture for the second quarter of the year.  However, the survey was taken in January — before the spread of the new coronavirus

Chuck Quirmbach

When it comes to the local economy, there’s some good and bad news. It' on the venture capital front — the money provided by investors that often helps businesses get underway or grow.

The good news is that economists say more venture capital dollars are flowing to the Milwaukee area, and the Midwest. The bad news is that some other parts of the U.S. are faring much better.

About half the money in U.S. venture capital deals goes to California. New York gets 14%. Six other Great Lakes states, including Wisconsin, get a combined total of 4%.

Henryk Sadura / stock.adobe.com

The 2008 economic recession hit Milwaukee hard. The housing market wasn’t spared and with it came a wave of foreclosures. Property values still haven’t quite recovered in many neighborhoods throughout the city.

Chuck Quirmbach

The regional economic development partnership known as Milwaukee 7, or M7, says it has brought a lot of jobs to the area, or kept them here. But that may not be true in some low-income neighborhoods. 

M7 was launched in 2005 as a cooperative economic platform for Kenosha, Milwaukee, Ozaukee, Racine, Walworth, Washington and Waukesha counties. The partnership has just completed its third, five-year job recruitment effort, funded by about $9 million in public money and private donations. 

Maayan Silver

Wisconsin leads the nation in farm bankruptcies.

Gov. Tony Evers addressed the plight of dairy farmers in his State of the State address on Wednesday night. He's calling for a special session on Tuesday to take up a package of bills aimed to help farmers. The bills address challenges from exports to mental health support.

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