Sports leagues have suspended their seasons. Organizers have canceled conferences. The coronavirus is starting to inflict economic damage as Americans hunker down to stop its spread.
Uncertainty still abounds for the public finance space, as just before the market close, President Trump declared a national emergency. Meanwhile, states and cities across the country are closing schools, sporting events, and cutting back public transit. But Friday, at least, provided some reprieve from the five previous volatile days.
Banks typically don't offer loans to cash-strapped consumers, and are poorly positioned to start doing so on an emergency basis — unless the government steps in to help.
The National Society of Accountants, NCCPAP and the AICPA are asking the IRS and Treasury for tax relief during the pandemic.
At least seven states have suspended K-12 classes, meaning many CUs with student-run branches won’t be able to operate those facilities as educational tools during that time. More industry events have also been called off.
Many advisors are doing heavy lifting right now — or expect they will be — in the midst of growing coronavirus fears.
Nuveen, Friedlander, BofA offer some recommendations on COVID-19 credit and sector impact.
Cities and states that rely on hotel taxes and tourism-related revenues will lose billions as events and attractions shutter to slow the spread of COVID-19.
Coronavirus is spreading in New York City. But when it comes to real estate, fear of contagion only slightly trumps fear of missing out on a deal.
Coronavirus concerns, along with the Fed's emergency rate cut and an erratic stock market, have forced most bankers to take pause and reassess potential deals.