Sep 26, 2017

FEMA chief: Puerto Rico relief is an unprecedented challenge

Photo: Gerald Herbert / AP

Amid criticism of the Trump administration's response to the devastation in Puerto Rico resulting from Hurricane Maria, FEMA administrator Brock Long said the priorities were to "take care of people and stabilize the situation and do everything we can to sustain life."

"This is a logistically challenging and very unique event that the United States hasn't seen for a very long time, if ever," Long said. He cited the strength of the storm, Puerto Rico's weak infrastructure and the fact that as an island, and with airports heavily damaged, Puerto Rico is harder to reach with resources. Airlifts are supplying some areas that remain cut off after the storm.

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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support with the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resultant economic shutdown.

Another 6.6 million jobless claims filed last week amid coronavirus crisis

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Andrew Witherspoon/Axios

Another 6.6 million Americans filed for unemployment last week, the Labor Department announced Thursday.

Why it matters: It adds to the staggering 10 million jobless claims in recent weeks — by far the sharpest spikes in American history — as the world economy has ground to a halt in an effort to contain the coronavirus outbreak.

Yelp cutting 1,000 jobs, furloughing others

An image from a Yelp donation program launched in the wake of Covid-19. Photo: Yelp

Yelp told employees Thursday that it is cutting 1,000 jobs and furloughing another 1,100 workers amid a massive drop in its business.

Why it matters: Yelp is the latest company catering to small businesses that has seen much of its customer base decimated amid the COVID-19 outbreak and related shutdowns.