Layoffs Continue in US: Live UpdatesSeptember 17, 2020
Here’s what you need to know:
The Trump administration is expected to announce on Thursday that it will provide $14 billion in additional aid to American farmers, many of whom are suffering economically from the coronavirus, according to a person familiar with the plans.
President Trump is expected to mention the aid during a campaign event in Wisconsin on Thursday evening. The details of how the latest tranche of money will be deployed are expected to be announced Friday morning.
This would be the second round of aid that the Trump administration delivered to farmers out of the money and borrowing authority that was approved to support the agriculture sector in the economic relief legislation passed by Congress in March. In April, the Agriculture Department announced a $19 billion aid package to help farmers cope with supply chain disruptions and lost business from hotels and restaurants as a result of stay-at-home orders.
Farmers were already struggling with the lingering effects of Mr. Trump’s trade war with China. After initial concerns about food shortages, many farmers have been dealing with a glut of unused food and crops. Some have resorted to dumping milk in manure pits, burying onions or plowing ripe vegetables back into soil.
Mr. Trump has made accommodating farmers a campaign priority, as his most ardent supporters reside in rural America.
To help soften the blow of his trade fight with China, Mr. Trump in March approved $23 billion in subsidies to farmers who had lost business as a result of retaliatory tariffs or other trade-related issues.
A report from the Government Accountability Office that was released this week raised questions about how some of that aid was distributed. The report from the nonpartisan agency suggested that a disproportionate amount of money went to farmers in southern states and that small farms received less generous payments than big agribusinesses.
Goldman Sachs is now the latest Wall Street firm to identify coronavirus cases among its ranks.
In recent weeks, as more workers have returned to the firm’s downtown Manhattan headquarters, two Goldman employees have tested positive for the virus, according to a company official. One works in one of the firm’s revenue producing businesses and the second is employed in its back-office division, known internally as “the federation.” The two workers sit on different floors.
The cases at Goldman, which company officials believe came from exposure outside the office, come just days after JPMorgan Chase sent workers home after they came in contact with a stock-division employee who was confirmed to have the virus.