US lost 20,500,000 jobs in April as unemployment rate soars to 14.7%.
The economy has been devastated by the coronavirus pandemic, with stores and businesses shut down for weeks, in order to maintain social distancing and prevent the spread of the coronavirus. Millions of workers have been laid off, put on furlough, or made to work from home., with 22.6 million seeking ongoing benefits — by far surpassing the recessionary peak of 6.6 million.
President Donald Trump has pushed for a swift turnaround after weeks of lockdowns, saying he believes the economy will"transition into greatness" in the third quarter. And despite trillions of dollars in emergency relief from the government, multiple rounds of crisis intervention from the Federal Reserve, and fiscal stimulus such as the Paycheck Protection Program,Those who have taken PPP loans are funded for only eight weeks, after which time they may need to make further cutbacks — and employees who were furloughed may become permanent layoffs.
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