More than 65% of the nation’s small, rural hospitals took out loans from Medicare when the pandemic hit. Many now face repayment at a time when they are under great financial strain. Continue reading Rural Hospitals Teeter On Financial Cliff As COVID Loans Come Due
The Treasury secretary indicated he didn’t see a need to use the remaining $259 billion after Congress authorized $454 billion in March. Continue reading Mnuchin “I Unfortunately Think There’s Not Much More We Can Do”
The Q2 2020 drop is almost four times as large as the largest drop during the Great Recession. Continue reading U.S. GDP Drops by 32.9% Smashing Records
1/3 of companies paid out bonuses within 1 month of filing, and two 2/3 paid out bonuses within 6 months of filing.
This practice evades a 2005 law which bans companies from paying executive bonuses while in bankruptcy. Continue reading Dozens of Companies Pay Executive Bonuses Before Seeking Bankruptcy During Pandemic
Amazon CEO Jeff Bezos smashed records on Monday adding $13 billion to his fortune in a single day. Continue reading Jeff Bezos Adds Record $13 Billion to Personal Net Worth in One Day
US Banks made a quick $10 billion processing the Small Business Administration’s Coronavirus relief loan program.
Banks made between 1%-5% in fees on each loan they processed for the program. Continue reading Banks Made Over $10 Billion in Two Weeks Processing Gov. Coronavirus Loans
Just 25% of respondents think capitalism is good for society, a JUST Capital and Harris Poll has found.
The remaining 75% either say capitalism needs reform, or is irredeemable. Continue reading Only 1 in 4 Americans Think Capitalism is Good for Society
At least four members of congress are confirmed to have received loans from the SBA’s paycheck protection program. It is unknown how many more members of congress could have also gotten loans. Some lawmakers who benefited also opposed legislation requiring lending transparency for the program. When congress approved half a trillion dollars for small business loans earlier this year, there was a scramble to apply. … Continue reading Members of Congress Revealed to have Benefited from Federal Small Business Loan Program
A new report by the Institute for Policy Studies (IPS) has found that US billionaire’s wealth as a group has increased by over half a trillion dollars.
This figure represents a 19% increase over the period since March. Continue reading Report: US Billionaire’s Wealth Has Increased by over Half a Trillion During Covid-19 Pandemic
As of 4/27, the billionaire mogul’s net worth was $144 billion, up from $113 earlier in the month — a 27% increase. Continue reading Jeff Bezos is Over $30 Billion Richer Amid Covid-19 Pandemic