U.S. Economic News
July 13, 2020
U.S. News
The Washington Post reports that tens of thousands of workers throughout the country are still waiting to receive unemployment payments after the flood of applications earlier in the pandemic overwhelmed state unemployment systems. The delay in disbursing benefits has frustrated workers who have been forced to default on debt payments and turn to food banks and other safety net programs to make ends meet as they wait for claims to be reviewed and benefits to be paid out. WaPo
Bloomberg reports that discrepancies in reported data for Paycheck Protection Program (PPP) loans raise concerns about the accuracy of estimates for the number of jobs saved by the program. The lack of consistent reporting by lenders and applicants for businesses’ number of employees could present challenges for small businesses applying for loan forgiveness as the program requires that a certain level of jobs be maintained to qualify. Bloomberg