Agatha Kulaga, co-founder and CEO of Ovenly Source: Agatha Kulaga There’s no doubt the coronavirus pandemic has hit small businesses hard. For some, like retail and wholesale bakery Ovenly, it meant completely shutting down their operations. The New York-based business had to lay off its entire staff of 66 employees, said Agatha Kulaga, the co-founder and
On Friday the 13th this past March, I was laid off from my full-time associate editor job at a Manhattan-based trade publication. I wasn’t surprised, but I was scared. “It happened,” I sheepishly told my mom over the phone later that day. We both knew I had to move back home. Luckily, I wasn’t tied to
An employee tends to marijuana plants at the Aurora Cannabis Inc. facility in Edmonton, Alberta, Canada, on Tuesday, March 6, 2018. Jason Franson | Bloomberg | Getty Images Aurora Cannabis posted a smaller loss compared with the prior quarter as customers in the United States and Canada stockpiled cannabis ahead of lockdowns, sending its U.S.-listed
J.C. Penney is planning to file for bankruptcy in the next day, people familiar with the matter tell CNBC. Its advisors are currently working on a bankruptcy filing that could come late Thursday night or early Friday morning, they said. They cautioned there is still a chance that final negotiations between the retailer and its lenders
Take a look at some of the biggest movers in the premarket: Qualcomm (QCOM), Cisco (CSCO), Apple (AAPL), Boeing (BA) – Reports out of China suggest that retaliation against these and other U.S. companies could come if the U.S. goes ahead with plans announced this morning to block chip shipments to China’s Huawei. JD.com (JD)
Under ordinary circumstances, the opportunity to make changes to workplace health plans and flexible spending accounts happens only once a year. However, new guidelines from the IRS allow workers to revisit those elections now in response to the coronavirus pandemic. “I cannot think of a time when the IRS has been this flexible,” said David Speier, managing
Restauranteur Geoff Tracy sits for a photograph at Chef Geoff’s restaurant in Washington, D.C., U.S., on Thursday, March 26, 2020. Images Andrew Harrer | Bloomberg | Getty Images Many business owners who want to cash out and retire are worried they won’t be able to do that for years because of Covid-19. Nothing could be
With almost 37 million Americans out of work due to coronavirus shutdowns, Democratic lawmakers are proposing a second round of stimulus checks to provide some financial relief, potentially worth more than the first round. Most eligible Americans have by now received their check, called economic impact payments, though some are still being mailed to those
Hogwarts is seen in “Wizarding World of Harry Potter” theme park at Universal Studios Hollywood, in Los Angeles, USA on April 6, 2016. Anadolu Agency Theme parks are designed to have crowds. That’s the crux of the issues that theme parks big and small are facing in the wake of the coronavirus pandemic, said Bill
An employee tends to marijuana plants at the Aurora Cannabis Inc. facility in Edmonton, Alberta, Canada, on Tuesday, March 6, 2018. Jason Franson | Bloomberg | Getty Images Check out the companies making headlines after the bell. Applied Materials — Shares of the manufacturing company climbed 4% in extended trading after Applied Materials reported second-quarter
Stanley Druckenmiller Anjali Sundaram | CNBC Hedge fund manager Stanley Druckenmiller told the Economic Club of New York on Tuesday that stock market is historically overvalued. “The risk-reward for equity is maybe as bad as I’ve seen it in my career,” Druckemiller said, according to the organization’s Twitter account. “The wild card here is the
Car line up at a drive-thru Three Square Food Bank emergency food distribution site at Boulder Station Hotel & Casino in response to an increase in demand amid the coronavirus pandemic on April 29, 2020 in Las Vegas, Nevada. Three Square is currently operating dozens of emergency distribution sites at various times and dates throughout
Business owners who borrowed less than $2 million from the Paycheck Protection Program can breathe a little easier: They likely won’t face an audit from federal authorities. The PPP — a forgivable loan program that allows small businesses to cover up to eight weeks of payroll costs, mortgage interest and other expenses — was refilled
Nearly 36.5 million people have filed unemployment claims in the past two months as a result of the coronavirus crisis, with 2.981 million of those claims being filed for the week ending May 9. Though the pandemic has undoubtedly impacted millions of Americans, data from the Bureau of Labor Statistics shows that women are disproportionately feeling the
A view of atmosphere at the launch of SmileDirectClub’s Smile Kit at Macy’s Roosevelt Field Mall on June 30, 2018 in Garden City, New York. Gary Gershoff | Getty Images SmileDirectClub posted a bigger-than-expected quarterly loss on Wednesday and said it expects to operate with a smaller shop footprint going forward, with the company focusing
Rick Bright arrives to testify before the House Energy and Commerce Subcommittee on Health on May 14, 2019, in Washington, DC. Greg Nash | AFP | Getty Images Dr. Rick Bright said he’ll never forget the moment when he realized the coronavirus pandemic wreaking havoc in Asia would also become a crisis in the U.S.
Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC. Getty Images Another “big setback” in the U.S. economy could prompt the Federal Reserve to consider cutting interest rates into negative territory — but such a monetary policy wouldn’t be “very helpful,” a Goldman Sachs strategist said on Thursday. Fed Chairman Jerome Powell
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, April 26, 2020. Jeena Moon | Reuters Stock buybacks are on track for the lowest total on record this quarter, according to Bank of America. The sharp economic
A store in Arlington, Virginia, remained temporarily closed on May 14, 2020. Another 3 million people filed initial unemployment claims last week on a seasonally adjusted basis, according to the Department of Labor. Olvier Douliery-AFP/Getty Images States paid a record $48 billion in unemployment benefits last month as the coronavirus pandemic caused millions of Americans
Billionaire entrepreneur Mark Cuban told CNBC on Thursday that he believes the stock market is overvalued, citing the uncertainty around consumer spending due to the coronavirus pandemic. “I think it’s almost impossible to predict where consumer and corporate demand is going to come from,” he said on “Closing Bell.” ”And because of that, it’s hard to create a valuation