On Friday May 8, 2020, the Department of Labor Bureau of Labor Statistics released the unemployment rate for April 2020: 14.7%. During the Great Depression, the unemployment rate is believed to have reached 25%. During the Recession which began in December 2007, unemployment topped out at 10% in October 2008. One note about the current 14.7% rate — experts question whether it captures the full level of unemployment as the circumstances of the pandemic mean that many who are currently not working are not in a position to “actively” seek work. Additionally, unemployment is not borne equally across all populations, posing particular challenges in some industries, regions, socio-economic groups, and communities.
Dining Bonds Initiative by Restaurant Industry Professionals (Mar, 16, 2020) (“Due to the impact that the coronavirus COVID-19 has had on the restaurant community, a collective of restaurant industry professionals have set a global initiative in motion to get funds into the hands of restaurants NOW, even if they are temporarily closed…A Dining Bond works like a savings bond, where you can purchase a “bond” at a value rate to be redeemed for face value at a future date.”)
Forbes Mortgage Relief Tracker (Mar. 20, 2020) (Tracking Federal, State, and Private Bank Mortgage Relief Programs)
Fannie Mae Assistance Options for Homeowners Impacted by COVID-19 (Mar. 18, 2020)
Freddie Mac COVID-19 Response
(Measures include mortgage assistance, suspension of foreclose sales and evictions for 60 days, suspension of mortgage payments for up to 12 months, suspension of credit bureau reporting and waiver of late fees for borrowers in COVID-19 hardship forbearance plans, and potential loan modification options.)