JEDE COVID-19 Update for June 26, 2020

MAJOR ANNOUNCEMENTS

DATA, SURVEYS, AND ANALYSIS

  • New UI Claims Down:  The US Department of Labor released data on new UI claims for the week ending June 20.  For the report period, 1.48 million people in the US filed first time claims, which is down from 1.54 million in the prior week.  While positive news, the drop in new claims is smaller than anticipated.  In California, 190,926 claims were filed, including 95,816 UI claims and 95,110 PUA claims.  Since March 14, more than 5.7 million claims have been filed in California with more than $33.5 billion paid out.  https://www.edd.ca.gov/About_EDD/pdf/news-20-28.pdf

  • Impact of COVID-19 on Global Economy:  The International Monetary Fund released its World Economic Outlook Update, which forecasted that the global economy will contract -4.9% this year and downgraded its 2020 forecast for all major economies, including: US (-8%); Euro-area (-10.2%); Brazil (-9.1%); Mexico (-10.5%); UK (-10.2%); and China (+1%). 

  • Annual Survey of Manufacturing:  The US Census Bureau released its most detailed statistics on the US manufacturing sector in more than two years.  These data are from the 2018 Annual Survey of Manufactures (most recent), which is the most current information available.  According to the report, Transportation Equipment had the greatest total value of shipments in the manufacturing sector with over $1 trillion – the first manufacturing subsector to surpass the $1 trillion mark.   https://www.census.gov/programs-surveys/asm.html

  • CRA Eligible Communities:  The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the availability of the 2020 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition.  According to the announcement, the federal agencies apply a one-year lag period for geographies that were listed in 2019 but are no longer designated as distressed or underserved in the current release.

  • Personal Income in May:  The US Bureau of Economic Analysis released May 2020 data, which finds that personal income decreased -4.2% while consumer spending increased 8.2%.  Disposable personal income in May decreased -4.9% and personal consumption expenditures increased 8.2%.  https://www.bea.gov/news/2020/personal-income-and-outlays-may-2020

GRANTS

  • Small Business Grants:  Opportunity Fund is offering small businesses a chance to apply for $5,000 grants through the Small Business Live Restart Grant Fund.  The grants are for businesses that have been financially challenged due to COVID-19. The grant application opened Tuesday, June 23rd, and will close Monday, June 29 at 9:59 pm PSThttps://us.accion.org/small-business-live-restart-grant-fund/

UPDATES ON COVID-19 PROGRAMS

SBA Disaster Assistance
CA Loans Approved (as of 6/21)
300,636
Dollar Amount of CA Loans Approved       (as of 6/21)
$21,045,225,564
CA Loan Advances Processed
559,844
Dollar Amount of CA Loan Advances Processed
1,782,513,000
Payment Protection Plan (as of 6/21)
550,786
Payment Protection Plan Approved (total)
$67,151,771,059

 

Great Plates Delivered (as of 6/24)
Letters of Intent Received from Local Administrators
53
DEMAND:  Estimated Weekly Individuals to be Served
78,966
Individuals Served This Week as of 6/24*
33,015
DEMAND:  Estimated Food Providers Required to Meet Demand
1,624
Food Providers Contracted as of 6/24*
622
*Data received from Great Plates Data Portal updated twice per week.
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

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