April 1, 2020
Today’s Top Take
Daily intelligence brief directly from U.S. Chamber Executive Vice President and Head of International Affairs Myron Brilliant
Over the past several weeks, we’ve heard from members across the globe about the challenge of monitoring constantly evolving government policies and guidelines on COVID-19. In response, we launched a new global dashboard this week, which tracks developments across 35 countries.
We encourage you to view the Global Dashboard on COVID-19 Government Policies and let us know what information and resources you find most useful. Our staff will be updating the tracker regularly, and we plan to incorporate new countries and data in the days ahead.
This week, we’ve focused on India’s 21-day lockdown, which has introduced new challenges for global companies that rely on the country for back-end services support. Meanwhile, countries across the European Union have introduced more stringent exports controls – most notably Germany and France – while Canada, Australia and five other countries pledged not to adopt new trade restrictions.
CHAMBER IN ACTION
The latest news, actions, and announcements from the U.S. Chamber
- The U.S. Chamber today released new guides for businesses to secure relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
- The first lays out the CARES Act’s expansion of the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program, which includes $10,000 grants for eligible applicants.
- The U.S. Chamber also released a guide explaining the employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of the coronavirus.
- “The U.S. Chamber of Commerce is working with state and local chambers across the country to provide businesses with the information they need to stay afloat and keep people employed during the pandemic,” said Suzanne Clark, president of the Chamber. “These comprehensive guides ensure business owners fully understand what aid is available to them and how to access those funds as quickly as possible. We are committed to ensuring no family or business goes bankrupt due to financial hardships associated with the coronavirus.”
- The U.S. Chamber also has updated its small business loan guide to help small businesses access billions of dollars in emergency loans created by the CARES Act. Starting April 3, small businesses will be eligible to apply for the loans described in our guide. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza are working to get capital onto Main Street and banks are preparing to deliver. There is information for both small business borrowers and for banks that want to be part of this emergency small business lending program at https://home.treasury.gov/cares
- All eyes are focused on employment data. The job market will be the focus of economic data the rest of the week. The first data point comes from ADP, the payroll company. ADP says payrolls declined by 27,000 jobs in March. This is an abrupt turnaround from February when businesses added 183,000 jobs according to ADP. The ISM survey of manufacturing activity fell into contraction territory as well. Unfortunately, news like this is likely to be the norm in the days to come. Unemployment insurance claims come tomorrow. Last week there were 3.3 million such claims. Brace for a similar number tomorrow.
- Visit uschamber.com/coronavirus for more information.
DUTY CALLS, BUSINESS RESPONDS
Adding up to 20,000 jobs
To keep up with increased demand and keep their stores clean in response to the outbreak, 7-11 plans to hire up to 20,000 more workers. Some of the new jobs will focus on delivery orders as the company increases access to its delivery services for essentials, like groceries or medication.
Searching for a COVID-19 treatment
AbbVie is collaborating with global health authorities on evaluating the potential of KALETRA/Aluvia. The company has supplied the drug as an experimental option for the treatment of COVID-19 to multiple countries that have immediate patient needs due to the outbreak.
WHAT WE’RE READING
- Tech companies are stepping up (STAT)
- Pivoting to cargo amid coronavirus crisis (LA Times)
- Nurses are the coronavirus heroes (WSJ)
GUIDANCE AND RESOURCES
We will update and add to the links below as new guidance and resources become available
- NEW: Economic Injury Disaster Loan Guide
- NEW: Employee Retention Tax Credit Guide
- UPDATED: Coronavirus Emergency Loans: Small Business Guide and Checklist
- Coronavirus Digital Toolkit
- Coronavirus Guidance for Employers
- Coronavirus Workplace Tips for Employees
- Coronavirus Resource Hub for Small Businesses
- Coronavirus Local/State Policy Tracker
- Coronavirus Workplace Flyer
For more info, please visit the CDC’s Guidance for Businesses page.
WE ARE WITH YOU.
And we will get through this together. The U.S. Chamber of Commerce is committed to helping you respond to the coronavirus so you can support your employees, customers, members, and communities.
We will continue working every day to help you weather this storm and emerge even stronger—just as we have at other challenging times in our nation’s history.
Visit uschamber.com/coronavirus for more information.