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.
Government
Only 1 in 4 Americans Think Capitalism is Good for Society
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.
Members of Congress Revealed to have Benefited from Federal Small Business Loan Program
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… Read More ›
Joe Biden Rejects Idea of Defunding Police, Wants to Give them $300 Million Instead
Presumptive Democratic Presidential Nominee Joe Biden has published an opinion essay arguing against calls from around the country to defund police.
In the essay, Biden advocates giving police departments “an additional $300 million to reinvigorate community policing in our country.”
Study: Less than 1/3 of Unemployed Americans Received Benefits in March
New startling data reveal than just 29% of the unemployed in the U.S. received benefits in the month of March. Payment rates varied among states. In the worst state, Florida, only 7.6% of claimants received benefits.
Additional 4.4 Million Americans Filed for Unemployment This Week
This is the fifth historic week for unemployment numbers, bringing the total to 26.5 million since March 14th.
22 Million People Have Filed For Unemployment in the Last Month
22 million people, or 13.5% of the entire U.S. workforce has filed for unemployment in the last month.
Study: One Quarter of Profitable Fortune 500 Companies Paid $0 in Federal Income Taxes in 2018
The study found that of the 379 profitable companies, 91 paid no federal income taxes. A further 56 companies paid rates between 0% and 5%.
$2 Trillion Coronavirus Relief Bill Signed into Law
The bill includes one-time payments of up to $1,200 for individuals, $2,400 for married couples filing jointly, and $500 per child.
3.3 Million U.S. Workers Filed For Unemployment Last Week, Obliterating Previous Record
This figure corresponds to 2% of all U.S. workers — 1 in 50.
Economic Left 