Mar 19, 2020 - Economy & Business

The coronavirus outbreak could hit every sector of the economy

Reproduced from Moody's Investors Service; Chart: Axios Visuals
Reproduced from Moody's Investors Service; Chart: Axios Visuals

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

Go deeper