July 30. 2020

This is a follow up to the article March 28, 2020 "The Coronavirus Is Posing A Massive Threat To The American Economy" and the May 25, 2020 article "U.S. Economy In Recession Due To Coronavirus."

In the articles months ago I expressed the view that many would begin to lose their homes and rentals due to the coronavirus. Lockdown has since ended in America and so has a great number of businesses. Millions of jobs have been lost, which is leading to a greater number of foreclosures and evictions. It is the formation and beginning stages of a housing crisis worse than 2008.

While Congress did provide unemployment funds, many people who were entitled to it did not receive it, as seen on local news programs across the country. Similar problems transpired with the PPP business loans (which do not have to be repaid). Large corporations absorbed the money that was really meant for small businesses, who are less able to stay afloat during a national crisis, such as the lockdown due to coronavirus.

For example, one of my friends in Miami owns a small business in the medical sector providing services to the disabled. She employs about a dozen people. She was not able to get PPP funds. A supermarket in Miami that imports food from Europe and makes said food locally as well, who have been in business for decades, is closing due to the coronavirus and lack of funds. Their business was thriving prior to the lockdown. There are stories in other U.S. states of small businesses who were unable to get PPP funds that they needed to stay afloat.

There are worst times ahead with the virus. It is not over. It is also crushing the U.S. economy, having single-handedly taken it down. It will go down in U.S. history as a terrible turning point. If the government fails to fully address it and properly, things will only get worse and the permanent damage will grow to breathtaking levels.

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