Mar 19, 2020 - Economy
The coronavirus outbreak could hit every sector of the economy
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A major part of the worry in markets is that so many industries could be affected by the coronavirus outbreak.
Driving the news: President Trump has pledged to help the airline industry, and the administration’s $1 trillion proposed rescue plan includes $300 billion for small businesses, $50 billion for the airline industry and $150 billion to prop up hotels and other sectors.
- But a deepening mass of industries, from malls to local transit systems, have been clamoring for their share of government aid in recent days.
Who's asking now:
- Manufacturing: The National Association of Manufacturers is seeking $1.4 trillion in loans for manufacturers and small businesses, per a statement on Wednesday.
- Restaurants: The National Restaurant Association said Wednesday it is seeking more than $350 billion in block grants, loans and insurance.
- Malls: U.S. shopping centers are asking the federal government to cover business interruptions so the industry's repayment of up to $1 trillion in unsecured and secured debt is not at risk, the International Council of Shopping Centers said in a memo to Congress on Tuesday.
- New York City's transit system: The New York Times reports that the MTA is looking for $4 billion.
Go deeper: The next dominoes in the coronavirus economy
