Corona Capital latest: Small businesses get time but not money; NFL draft viewership does a victory dance. Read more pandemic-related financial insights:
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.The U.S. government made another $310 billion in emergency relief for small U.S. businesses available on Monday. It will likely run out soon, leaving mom and pop shops in the lurch. Tweaks to the bankruptcy code are but a meager Band-Aid.
But it is better to work out payment plans with landlords and banks, which are being more lenient, without involving a bankruptcy court. These new rules will buy small businesses some much needed time, but what they really need is money. The National Football League just scored big. Its recent three-day draft pulled in around 55 million viewers – 16% more than the previous year. The virtual event could have gone very wrong.
All in, that’s enough to cover around four weeks’ worth of fixed costs, Breakingviews calculates. That doesn’t move mountains, but with the $30 billion or so in cash that GM has on hand, the carmaker run by Mary Barra can withstand a complete shutdown until at least the end of September. With its stock down a mere 1% Monday morning, the only question is why it took the company so long. The aviation giant has ditched its $4.2 billion deal to buy 80% of Embraer’s commercial-aircraft division.
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