Today marks the beginning of the Paycheck Protection Program, a federal program that's expected to dole out at least $350B in loans to small businesses struggling with the coronavirus pandemic, but many banks are still awaiting guidance and necessary requirements. JPMorgan appeared to be the first lender to publicly say what others had whispered, emailing customers that it "will most likely not be able to start accepting applications on Friday." The Paycheck Protection Program will offer up to $10M to help cover wages for employees, sick pay and eligible mortgage and other immediate debt payments. The loans are for two-year terms at a 1% fixed rate of interest, require no collateral and come with debt forgiveness options for eligible expenses. (SA)
Tesla shares are soaring as the EV maker revealed the production of almost 103K vehicles and deliveries of approximately 88.4K to mark its best Q1 ever. The consensus analyst mark was for 79.9K deliveries after a series of recent downward revisions to account for the coronavirus impact. Tesla also said that its Model Y production started in January and deliveries began in March, significantly ahead of schedule. (Bloomberg)
Since the start of the COVID-19 crisis, Corona has been the punchline of jokes and memes. Now, Grupo Modelo, which is part of brewing giant AB InBev, has stopped producing Corona beer. The move is not associated with the drink's name, but the business was rather deemed non-essential under a Mexican government order. In the U.S., Grupo Modelo is distributed by Constellation Brands. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.