Your Daily Roundup for May 4th
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Good morning. As the COVID-19 pandemic takes a toll on the U.S. economy, our team at Future Majority is tracking the latest updates:
More than $1 billion in federal stimulus loans went to public companies:
The Paycheck Protection Program, designed to keep small businesses afloat during the crisis, has doled out more than $1 billion in relief loans to at least 300 publicly traded companies.
Some of those large companies like Shake Shack and the Los Angeles Lakers returned the stimulus loans they received to the federal government.
The first major retail company has declared bankruptcy:
J. Crew, a fashion retailer, filed for bankruptcy. This marks the first retailer to take the step due to the pandemic.
Consumer spending data showed that in March clothing and accessories sales went down by 50%.
The economy continues to be a major driver for voters’ choices in November:
A new CBS News/YouGov poll out today shows that half of voters cite the economy as a major factor in vote choice:
- Economy: 50%
- Coronavirus: 30%
As it stands today, Americans are not approving of the national economy:
- Net very good/good: 20%
- Net very bad/bad: 71%
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