In today’s top payments news, Uber is moving into grocery delivery as restaurant orders decline due to the coronavirus pandemic, and banks stand to make billions from participating in the $350 billion coronavirus bailout package. Also, small business portfolio companies ask to be included in the bailout.
Uber is in talks with French supermarket Carrefour as it seeks partnerships with grocery retailers from Brazil to France to roll out a boutique delivery service that will bring necessities to people in 30 minutes.
Financial institutions stand to make billions from the $350 billion coronavirus bailout package for small and medium-sized businesses (SMBs). Lenders will reap the benefits of processing fees — 5 percent for loans under $350,000, 3 percent for loans under $2 million, and 1 percent for loans greater than $2 million. The fees will be covered by the federal government.
Industry lobbyists and executives from major private equity firms are asking the federal government for a piece of the coronavirus small business stimulus funds. Small businesses owned by venture capital or private equity are currently excluded from the rescue program.
New Goldman Sachs projections say U.S. unemployment will hit 15 percent due to the coronavirus pandemic, but there will be a strong and swift recovery near the end of the year, predicting a 19 percent jump in the third quarter.
Under the best circumstances, restaurants are a low margin, high challenge world to operate in — and the last few weeks have not been the best of times. Karen Webster sat down with Paytronix CEO Andrew Robbins; Bamboo Asia CEO Sebastiaan Van De Rijt; Malibu Poke CEO Jon Alexis; and Zoku Sushi CEO Andrew Yi to talk about the reset happening today — and what it will mean for them — and restaurants in a post-COVID-19 world.
With their shops shuttered and a plethora of fabrics and tailors between them, Neiman Marcus and Jo-Ann Stores have teamed up to make CDC-approved masks and gowns. Willis Weirich, Neiman Marcus’ senior vice president of supply chain and group operations, tells Karen Webster how it literally came together in just a matter of a few days.
As the COVID-19 pandemic changes how people shop for groceries, the nation’s farms and farm employees are facing a time of great uncertainty and inconsistency.