The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the global economy, the work place and the spread of the virus.
CUSTOMERS FIRST: The pandemic is sapping trillions from the economy and the ramifications for businesses, from banks to restaurants, is severe. Some companies have also recognized their customers are suffering and extended a hand.
— Allstate is sending shelter-in-place paybacks to customers, with most getting checks for 15% of their monthly premium in April and May. Auto and home owners customers with financial difficulties can delay two consecutive premium payments. Some will be allowed to pay what they can afford. The insurer is sending out $600 million to customers, according to a regulatory filing.
— JPMorgan Chase has done away with minimum payment requirements on credit cards and it's waiving late fees. The bank will not report payment deferrals, such as late payments, to credit bureaus for up-to-date clients.
JOBS FALLOUT: Few industries have been spared from mass layoffs, particularly manufacturers and restaurants devastated by social distancing.
— BJ’s Restaurants is laying off about 16,000 workers.
— Nissan is furloughing about 10,000 workers as it extends a production suspension until at least April 27.