The virus-impacted economy: COVID-19 has altered millions of individual lives and has had a drastic impact on the economy. With all physical outlets closed down, this virus now controls how Americans spend their money. “This is the sharpest decline in consumer spending that we have ever seen,” says Luke Tilley, chief economist at Wilmington Trust. This article by the New York Times talks in-depth about how various businesses have been impacted and how the stream of money has changed its course.
An unjust rally?: Many economists seemed perplexed by the stock market Thursday as the S&P closed one of its best weeks since 1974. It was also announced the same day that nearly 17 million Americans now find themselves out of work in the midst of the COVID-19 pandemic. This interesting piece by the Los Angeles Times contemplates whether the stock market’s rally last week was insensitive to the employment crisis happening across the country, or if it indicates a positive trend for the future of the economy.
PayPal: a savior in troubled times: PayPal has been given permission to provide small business loans via the government’s Paycheck Protection Program. The loans were offered to more than 10 million merchants who use PayPal’s platforms in the U.S.
Although the digital payment company has not confirmed the total amount of money it has agreed to loan out, Fortune reports that there is currently no cap on that number.
Apple/Google to offer COVID-19 tracking: Apple and Google are partnering to develop a new tool to help track the spread of COVID-19. The opt-in app will use Bluetooth to periodically exchange anonymized tracing keys with other nearby devices. It would alert the phone’s user in the event that they have come into contact with a person who has tested positive or exhibits symptoms of the virus.
Read on more in this interesting piece by Vox to see what these tech giants have in store for us.