Spend the last half hour talking about the future of the Restaurant Industry. Good morning. Guest good morning to you. Host what has been the overall impact of the coronavirus pandemic on the Restaurant Industry . Guest it has been devastating. Right after the cruise lines and airline business, restaurants and bars have been hurt the most. And it is a very different kind of business from the two i mentioned, the cruise ships and airlines, which are very concentrated. With restaurants, i mean, you have millions of restaurants ou t there. Of sales forion these companies. Familyownedre with less than 50 employees. And the great majority of them have been closed down. Million people who work in restaurants, up to 15 million have been collecting Unemployment Insurance already. Thehat is a good chunk of nearly 40 Million People who have applied for Unemployment Insurance. So the business has been devastated. Of that 900 billion, the businesses estimate they will lose about 300 billion this y
This for bloomberg on the economy. I am going to lose the introductions this morning and get right to the moment. Weve got great markets. Yields higher, dow futures up 300, etc. No one is focused on anything but an update on this grim labor economy. Jonathan how quickly can this labor market hell is the question we ask every single month now, and we will ask it continually through the morning . Maybe we getting median estimate , maybe it comes outside of that. But the question hasnt changed. It is how quickly we will heal after a big downturn in a very short space of time. Tom a lot of opinions on that, and of course, as i was just mentioning, across the 10 of the american demographic, it will be a different rate of change for the haves and the havenots. And, what is so important, you nailed this a number of weeks ago, is the damage to the broad middle class. We are focused on the elites at bloomberg, and we are focused on maybe the people that service the elites, but it is a broad swa
Damage the coronavirus crisis, he says, raises those longterm concerns that he was talking about. The u. S. Response to that point he says has been swift and forceful the fed has acted with unprecedented speed and force. He cites a survey that shows in the month of march, 40 of households making less than 40,000 has lost a job carl lets get to the webcast. Here is the fed chair. Its very hard to imagine we could have anyone better than jay powell thank you for coming back to the Peterson Institute, chairman powell thanks very much, adam. Its great to be back. I have some brief remarks and then ill look forward to our discussion the coronavirus has left a devastating human and economic toll in its wake as it has spread around the globe. This is a Worldwide Public Health crisis and Health Care Workers have been the First Responders showing courage, determination and earning our lasting gratitude. So have the legions of other essential workers who put themselves at risk every day on our b
Relationship with the governors has been very strong. We sent them everything they needed and we will continue. I just spoke with gretchen whitmer, we will be going to michigan at the appropriate time. They have a big problem with dams breaking, a big, big problem. We have set sent the army ,orps my corps of engineers they are better at dams than anyone. Job. Have done a fantastic i will be going to michigan at some point in the nottoodistant future. I am actually going to ford tomorrow, and i think they called, the governor invited, the governor, so we will be heading out, maybe we will do them both at the same time. I dont want to get in the way of the fixup because there is a lot of water up there. It was a bad break. We will be taking care of that in michigan, and michigan, these are great people, great survivors. When you get down to it, they have been through a lot over the years and we have a lot of auto factories being built there and a lot of good things are happening. States
Program. Give us a status report on how this part of the new law is doing. Guest good morning. Thanks so much for having me on. The Paycheck Protection Program, right now, there is money available for businesses who need it. What it allows is to get a loan backed by the fda that will allow you the sba that will allow you to pay your employees potentially while your business is still closed. The first round of money for that program was 349 billion, and it ran out just after under two weeks. It was about 13 days. However, the second round of money, we believe there is still about 100 billion left. A lot of people think the program is over or that it is not available to them, but for Business Owners for whom this is a good solution, to being able to keep their employees on, there is still money available and they should apply if they think it will work for them. Host what did you learn in part one of this program . Worked about it and what needs improvement . Guest in part one of the pro