This part of Paycheck Protection Program could reduce forgivable loans

spike

Steven Mnuchin, U.S. Treasury secretary, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Thursday, April 2, 2020.

Kevin Dietsch | Bloomberg | Getty Images

Small businesses are clamoring for funds from a new forgivable loan program to combat the economic toll of the coronavirus pandemic.

But some business owners, particularly those with high rents and low labor costs, may not benefit from the program as much as they think.

The Paycheck Protection Program earmarks up to $349 billion in low-interest loans for businesses with 500 or fewer employees.

The program, one

Read More

Dow futures up 400 points, Powell before Congress, infrastructure bill?

spike

A person walks at the Wall Street subway stop in New York City.

Angela Weiss | AFP | Getty Images

7:42 am: Apple shares rise after Citi hikes price target

A Citi analyst raised his 12-month price on Apple to a Street-high $400 per share from $310 per share, sending the tech giant’s stock up more than 1% in the premarket. The new price target implies an upside of 16.6% from Apple’s close of $342.99 on Monday. Analyst Jim Suva cited five reasons for the higher price target, including upside from Apple’s wearables segment. Suva added he expects Apple to

Read More

Norwegian Air’s fate in balance as result of rescue vote awaited

spike

OSLO (Reuters) – The fate of Norwegian Air (NWC.OL) was in the balance on Friday after a deadline passed overnight for bondholders to vote on a rescue package for the transatlantic budget airline.

FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport, Norway November 7, 2019. REUTERS/Lefteris Karagiannopoulos

Bondholders were set to start a meeting at 1400 GMT on Thursday to vote on the airline’s debt-to-equity plan, the first major test of its rescue efforts amid the coronavirus outbreak.

But the airline sent a revised offer at 1359 GMT, calling it final, and pushed back

Read More

Key coronavirus forecast predicts over 410,000 total U.S. deaths by Jan. 1

spike

Roberto Arias prepares a grave for burial at Woodlawn Cemetery during the coronavirus disease (COVID-19) outbreak in Everett, Massachusetts, U.S., May 27, 2020.

Brian Snyder | Reutes

The U.S. will top more than 410,000 Covid-19 deaths by the end of the year as the country heads into the fall and winter, according to a new forecast from the Institute for Health Metrics and Evaluation at the University of Washington.

Covid-19 has already killed at least 186,800 people in the U.S., according to data compiled by Johns Hopkins University. The model by IHME, whose models have previously been cited by the

Read More