economy

The Swedish flag is seen at Gamla Stan, the Old City of Stockholm, Sweden, May 7, 2017. (Ints Kalnins/Reuters) Swedish minister of enterprise Ibrahim Baylan on Monday said that Swedish businesses, which have been allowed to remain open amid the pandemic, are struggling with a sharp drop in demand. Baylan told a press conference that …

Financial records show that President Trump still owes the state-owned Bank of China millions from a $211 million loan that he used to refinance his 30-percent stake in a New York City skyscraper. Politico reported Friday that Trump’s investment in 1290 Avenue of the Americas, a 43-story building adjacent to the Trump Tower in Manhattan, …

The Congressional Budget Office on Friday announced that the federal government would likely run up a $3.7 trillion deficit due to the effects of the coronavirus pandemic on the U.S. economy and massive spending for relief efforts. The government will add over $2 trillion to the national debt in the remaining six months of the …

Treasury Secretary Steve Mnuchin on Thursday announced he was considering creating a federal lending program for oil companies currently facing numerous challenges during the coronavirus pandemic. “One of the components we’re looking at is providing a lending facility for the industry,” Mnuchin told Bloomberg. “We’re looking at a lot of different options, and we have not …

Faced with mounting criticism, Ruth’s Chris Steak House — which operates more than 100 restaurants in North America — will return the $20 million coronavirus small business loan it got from the federal Paycheck Protection Program, NBC News reported Thursday. The $350 billion PPP was designed to rescue the millions of small businesses that have …

The number of Americans put out of work by the coronavirus crisis grew to 26.4 million last week as another 4.4 million people applied for unemployment benefits, new federal data show. That suggests the pandemic has more than wiped out the 22.1 million jobs the US economy had added since October 2010, when the nation …

New money for loans to small businesses battered by the coronavirus crisis could reportedly dry up almost as soon as it arrives. The US Senate approved $310 billion in extra funds this week for the feds’ Paycheck Protection Program, which exhausted its initial $349 billion budget in two weeks. But banking groups say so many …

The Trump administration on Tuesday barred college students who are residing in the country illegally from accessing billions of dollars in emergency federal aid related to the coronavirus pandemic. Tens of thousands of colleges students without legal residency status will not be permitted to receive any of the $6 billion allocated for colleges to distribute …

Senate Majority Leader Mitch McConnell (R., Ky.) on Tuesday signaled his opposition to passing another coronavirus economic relief bill before Congress returns from recess. “You’ve seen the talk from both sides about acting, but my goal from the beginning of this, given the extraordinary numbers that we’re racking up to the national debt, is that …

Dozens of publicly traded companies — including some with checkered pasts — took $300 million in government-backed loans meant to protect small businesses during the coronavirus crisis, a new report says. At least 75 public firms got low-interest loans through the Paycheck Protection Program, the Trump administration’s $349 billion small-business aid package that ran out …