COVID-19

Drop in global remittances may worsen poverty

Elizabeth Trovall Jun 29, 2020
Heard on: Marketplace Morning Report
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A man in Miami sends a remittance to his mother in Cuba. Joe Raedle/Getty Images
COVID-19

Drop in global remittances may worsen poverty

Elizabeth Trovall Jun 29, 2020
A man in Miami sends a remittance to his mother in Cuba. Joe Raedle/Getty Images
HTML EMBED:
COPY

Many migrants around the world send money back to their home countries. These are called remittances. But due to COVID-19, the World Bank is expecting remittances to decrease 20% globally in 2020, the largest decline it has ever recorded. The money sent home to family members in the developing world is often a financial lifeline that keeps people out of poverty. Without these critical funds, experts predict, many families will go without health care, food and filling other basic needs. 

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COVID-19 Economy FAQs

What’s the latest on the extra COVID-19 unemployment benefits?

As of now, those $600-a-week payments will stop at the end of July. For many, unemployment payments have been a lifeline, but one that is about to end, if nothing changes. The debate over whether or not to extend these benefits continues among lawmakers.

With a spike in the number of COVID-19 cases, are restaurants and bars shutting back down?

The latest jobs report shows that 4.8 million Americans went back to work in June. More than 30% of those job gains were from bars and restaurants. But those industries are in trouble again. For example, because of the steep rise in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, increased restrictions on restaurant capacities and closed bars. It’s created a logistical nightmare.

Which businesses got Paycheck Protection Program loans?

The numbers are in — well, at least in part. The federal government has released the names of companies that received loans of $150,000 or more through the Paycheck Protection Program.

Some of the companies people are surprised got loans include Kanye West’s fashion line, Yeezy, TGI Fridays and P.F. Chang’s. The companies you might not recognize, particularly some smaller businesses, were able to hire back staff or partially reopen thanks to the loans.

You can find answers to more questions on unemployment benefits and COVID-19 here.

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