Coronavirus Impact On Jobs And American Businesses

BREAKING NEWS: The Coronavirus Impact On Jobs And American Businesses

Yesterday on April 2, 2020, The American people learned some new information during the coronavirus White House task force briefing.

• The COVID-19 coronavirus outbreak has sent the global economy into unchartered waters
• The United States economy is no different
• We learned some key information throughout the task force briefing
• It seems to me that these briefings are getting picked apart by the media
• This is the time when Americans must come together and unite
• We have an opportunity to stop the bipartisan pity parties, but I don’t see us doing so from watching these briefings
• Unemployment claims for the past two weeks topped 10 million
• Today’s unemployment numbers came in at over 700,000 sending stock markets lower
• It is unfortunate because the American people elected these officials to better our lives
• In this blog, we will detail a few takeaways from the task force meeting and how it is affecting the mortgage business

In this breaking news article, we will discuss and cover the Coronavirus Impact On Jobs And American Businesses.

The White House Task Force Battling The Coronavirus Impact On Jobs And The US Economy

My takeaways from the Coronavirus White House Task Force:

• Unemployment numbers:6.6 million Americans filed unemployment last week and over 10 million in just the past two weeks
• That number is something that has not been seen before and far surpassed the estimated numbers
• The CARE ACT has extended unemployment benefits to include self-employed individuals and freelancers
• It even extends state benefits by a full 13 weeks
• Offering an additional $600 per week on top of the state unemployment benefits
• It will also expand eligible time frames to collect unemployment
• Adding freelance workers to the unemployment bill is very difficult
• Their income is quite variable and hard to prove
• For freelancers, contractors, and GIG workers, they are asked to send in check stubs, bank statements, and work orders to verify income for unemployment benefits

I was happy to see these individuals included in the relief package.

Major Health Crisis And Medical Supply Shortage

Masks and other PPE‘s:

• It is a rare appearance at the task force briefings
• Jared Kushner made an announcement that a large shipment of supplies is headed to New York City, the nation’s epicenter for the outbreak
• Mike Pence stated over 200,000 additional masks would be sent to New York to help control this hotspot

3M issues:

• In a tweet late last night, President Donald Trump stated 3M will have a “big price to pay” over mask production
• Seems like the White House invoked the Defense Production Act (DPA) to acquire more masks with N95 respirators made by 3M
• This message is from the Federal Emergency Management Agency
• 3M states they will work closely with the administration to maximize the number of respirators they produce on behalf of the U.S. healthcare workers as part of the DPA order
• 3M also has concerns because the White House requested a cease export to Canada and Latin America

3M stated this may cause significant “humanitarian implications” as they are a key supplier throughout the world.

Coronavirus Impact On Jobs And Health

Sometimes it helps to put things in perspective.

• A judge in Kentucky has allowed ankle monitors for those who have tested positive with COVID-19 coronavirus
• This is because they were seen outside of their self-quarantine mandate
• These monitors will help alert authorities if they leave their homes

This may sound extreme, but in areas like the Philippines, they are threatening to shoot citizens who do not obey the self-quarantine laws.

Coronavirus Impact On Jobs And Mortgage Industry

With so much uncertainty in the mortgage markets, we are seeing panic throughout the industry.

• As of late, we have not had any reassurance that NON-QM mortgage lending will be coming back anytime soon
• Those companies are bracing for servicing issues due to millions of Americans being off work
• As mentioned above, a record number of Americans have filed for unemployment last week alone
• This is going to make payments difficult for struggling Americans
• Yes, the stimulus checks are on the way, but $1200 per person doesn’t go very far, especially in areas like New York City and San Francisco
• Not to mention those who have made more than $75,000 are getting a smaller stimulus check
• Anybody who made over $100,000, will not receive any money from the stimulus package
• Those individuals still have bills from a lifestyle they were able to afford while working
• Treasury Secretary Steven Mnuchin stated stimulus checks should be sent in the next two weeks
• If you have not set up a direct deposit, a portal will be set up where you can let the government know where to send your stimulus check

This is an unfortunate time for everybody no matter what socioeconomic class they are in.

Mortgage Process During The Coronavirus Pandemic And Economic Crisis

Gustan Cho Associates are still working around the clock to help our current borrowers and future clients obtain mortgage loans.

• As of today, we still have a few outlets who have not added additional LENDER OVERLAYS to their mortgage products
• We are able to manually underwrite FHA and VA mortgages, close chapter 13 bankruptcy mortgages, cash-out refinance loans, and still offer renovation loan products in these tough times

Please call 630-659-7644 for more details.

Mortgage Process At Gustan Cho Associates During The Coronavirus Crisis

How our team is helping fight the coronavirus outbreak.

• The entire staff of Gustan Cho Associates is still working remotely
• Our team is starting to get used to working from the home process
• There is a learning curve of not being in the office
• We also have set up daily email reminders for our employees to wash their hands as consistently as possible, for 20 seconds at a time with soap and warm water
• We are practicing social distancing as most of us live in states that are under “shelter in place” rule
• Above and beyond we encourage our clients to be patient with the parties involved in their mortgage transaction
• It may be harder for a realtor to obtain access to a property to view

Little things like this can cause slight delays in the homebuying process. But we all must be patient and come together to fight this invisible killer.

Mortgage Industry Considered Essential Business During Coronavirus Pandemic Crisis

We are still open for business and staying busy. For any mortgage-related questions, please call Mike Gracz at 630-659-7644 or you may email mgracz@gustancho.com. We are still working seven days a week to help you with your mortgage needs. This can be an amazing time to buy as we have seen some property values drop across the nation. This is not true in every area, but it is a trend we are starting to see. We will keep you up to date on any future announcement surrounding the COVID-19 coronavirus in the mortgage industry. We are still posting to our YouTube CHANNEL, please subscribe to stay current on mortgage news!