So much has happened in the news lately that it is difficult to highlight just one story.
From more forbearance news to what we can expect unemployment to do in upcoming weeks, we covered the most important things you need to know in this week’s video update. (And if you missed it- first watch our extremely important video on Housing and Forbearance.)
Check out this week’s video update below:
The Economy
A few statistics came out this week revealing the scary state of the economy in regards to unemployment and small businesses.
The first chart reveals that we are quickly approaching record low unemployment in the United States.
There are currently 160 million individuals in the US labor market, and 17 million have filed unemployment in the last 3 weeks.
This means that we are quickly approaching 20% unemployment and we will most likely see this number continue to grow. The chart below shows the steep increase from March to April of this year.
Small businesses are also taking a hit right now as a large amount are still waiting on the loans that they applied to receive from the government.
In the chart below it shows that a majority of the businesses only have enough money to survive up to 2 months.
If the new Paycheck Protection Program (PPP) does not come into effect soon, some businesses may be forced to completely close their doors.
Unfortunately, there is no telling when these troubling times will be over and things will start going back to normal.
All we can do at this time is come together as a community and help support small businesses the best we can.
These are uncharted territories we are in and will continue to be in for the unforeseeable future. We will continue to keep you updated on all things happening the best we can.
Please let us know if we can answer questions or help out in any way.
