Mar 19, 2020 - Economy & Business

The coronavirus outbreak could hit every sector of the economy

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

A lifeline emerges for the devastated airline industry

American Airlines planes parked at Los Angeles International Airport. Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Congress' massive $2 trillion coronavirus stimulus package includes $58 billion for U.S. airlines, half in grants to cover 750,000 employees' paychecks, and the rest in loans or loan guarantees to help them keep operating during the worst travel downturn in history.

Why it matters: With some 80 million U.S. residents under mandatory stay-at-home orders and the coronavirus pandemic continuing to spread, hardly anyone is flying these days. But when the public health crisis ends, airlines want to be able to take off again quickly.

When $2.2 trillion is not enough

Illustration: Eniola Odetunde/Axios

Perhaps the most important thing about the $2.2 trillion stimulus bill the Senate passed late Wednesday night is that it is not a stimulus bill at all.

  • It is not intended to stimulate growth and spending to offset a potential downturn; it is designed to prevent mass homelessness, starvation and a wave of business closures not seen since the height of the Great Depression.

How the coronavirus stimulus bill helps you

Illustration: Sarah Grillo/Axios

Congress' $2 trillion coronavirus stimulus package is the rare legislative agreement that will have an immediate — and lasting — impact on ordinary citizens across the country.

Why it matters: The 883-page bill, titled the "CARES Act," includes thousands of dollars in direct payments to most Americans, and huge loan packages designed to help keep small businesses and corporations afloat.

Go deeperArrowUpdated Mar 26, 2020 - Politics & Policy