fortune--2020-03-23--A snapshot of the nearly $2 trillion coronavirus rescue package in Congress

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A snapshot of the emerging rescue package in Congress to provide healthcare and economic aid amid the coronavirus outbreak and national shutdown. The details are subject to change as congressional leaders and the White House continue negotiating the nearly $2 trillion package. The highlights so far:
One-time checks to Americans
The measure would provide a quick, one-time stipend of about $1,200 per individual, $2,400 for couples, and $3,000 for family of four. The money would cut off at higher income levels.
Paycheck support
An estimated $350 billion would be provided for small businesses to keep making payroll. Companies with 500 or fewer employees could tap up to $10 million each in forgivable small business loans to keep paychecks flowing. The program would provide 8 weeks of assistance through federally-guaranteed loans qualifying employers who maintain payroll; if they do, other costs like mortgage interest, rent, and utilities would be forgiven.
Unemployment expansion
Establishes a new, much more generous unemployment benefit by adding $600 per week to normal state benefits for up to four months and provides an additional 13 weeks of benefits to 39 weeks of regular unemployment insurance through the end of 2020 if they are sidelined by the outbreak. The coverage would be retroactive to Jan. 27. Extends coverage to “gig” workers and independent contractors.
Emergency funding, public health
The bill includes an additional $242 billion in additional emergency appropriations to fight the virus and shore up for safety net programs. That includes money for food stamps, child nutrition, hospitals, the Centers for Disease Control and public health and transportation agencies. The figure has gone significantly higher during talks over the weekend.
The measure includes $15.6 billion to augment the food stamp program, which helps feed around 40 million Low income people per year. It’s annual budget is around $70 billion. A bipartisan package is likely to provide far more.
Industry aid
The initial GOP plan called for $208 billion in loans to larger businesses like airlines, which would have to be repaid, and a subsequent; a version released over the weekend called for $500 billion. Leaders are still negotiating the final number and how the money would be provided by the administration and safeguards to prevent abuses. Delays payroll tax payments by employers. They would would be able to defer payment of their 2020 payroll taxes until 2021 and 2022.
State aid
Republicans and the administration have resisted demands by Democrats and governors for aid to the states, whose governors have requested $150 billion to shore up budgets strained by large new costs and plummeting tax revenues. Negotiations are likely to produce a compromise.
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—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: U.S. tax deadline moved from April 15 to July 15
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fortune--2020-03-23--‘Essential’ stores like CVS and Dollar General go on hiring sprees while the rest of retail reels

In the face of an N95 mask shortage for coronavirus healthcare workers , sewists got to work

The chasm is deepening between the so-called essential retailers, which stand to win a ton of market share during the coronavirus crisis, and those in increasing peril.
CVS Health and Dollar General, two ubiquitous chains that dot the country (with 10,000 and 16,300 locations, respectively) and sell household staples like toilet paper, bottled water and toothpaste, each said on Monday morning they were hiring 50,000 temporary workers in the coming week to help them manage demand during the crisis.
Their announcement follow news last week that Walmart was taking on 150,000 temps and Amazon 100,000 or so.
All four companies said these positions offered a path to permanent employment. And like Target and Walmart, CVS is giving bonuses to workers on the job during this crisis.
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“Our colleagues have demonstrated an extraordinary commitment to providing essential goods and services at a time when they’re needed most,” said Larry Merlo, chief executive of CVS Health.
The four chains, along with Walgreens, Rite Aid, and others such as Kroger and Costco, have all gotten a boost as worried consumers have stocked up on essential supplies and food. Many state and local governments, including those in New York, California, and Illinois, have enhanced that boost by mandating that only stores selling essentials can remain open. (Authorities have for the most part included alcohol products in that category, offering a lifeline to liquor stores.)
But the majority of retailers, many of whom have closed all their U.S. stores through at least the end of the month, are hurting badly, with some in mortal danger if the closures drag on long enough. In its most recent estimate on Monday morning, research firm GlobalRetail Data estimated that 31% of all retail square footage in the U.S. was now temporarily closed.
Over the weekend, the industry’s largest advocacy group, the National Retail Federation, again rang an alarm about what this shutdown is doing to companies. The group asked the federal government—with increased urgency compared to an appeal last week—for assistance in helping these retailers with liquidity.
“The biggest single issue facing the industry right now is liquidity,” the NRF wrote to President Trump in a letter on Saturday. The NRF now estimates retail sales will decline 20% over a three-month period, based on trends it saw in Asia over the winter when masses of stores in countries including China and Japan were closed for weeks on end.
The NRF has asked for retailers to be included in a stimulus package, saying that the retail sector employs 52 million people. But the group was careful not to frame assistance as a “bailout” but rather as a “bridge.”
It’s clear top CEOs are worried. Sonia Syngal, the newly minted new CEO of Gap Inc., told the New York Times that “people don’t understand how deeply fashion, which is often seen as nonessential, is connected to the U.S. economy.” Swedish clothing chain H&M, which operates globally, said Monday it may lay off thousands of store workers.
Scrambling for cash
Whatever assistance comes the retail sector’s way, many big players are doing what they can to have on hand cash they might need to pay vendors, landlords and employees (who typically will be covered for the first two weeks of this shutdown), even as stores sales drop to zero with only a bit of help from e-commerce.
Over the weekend, Best Buy drew down $1.25 billion from its credit line. The electronics retailer took the precautionary move despite having done very well this month as shoppers bought up home computers and network strengtheners so they can work and their children take school classes from home. Best Buy also decided to close stores to customers but allow them to pick up orders at the door, as a move to prevent the virus from infecting shoppers and its staff.
On Thursday, Kohl’s, all of whose stores are closed for the rest of the month, said it had drawn down $1 billion. Macy’s, the majority of whose stores are in malls, which are now largely closed across the country, has tapped $1.5 billion. Even thriving, well-capitalized companies like T.J. Maxx owner TJX Cos, Ross Stores and Ulta Beauty are lining up hundreds of millions of dollars just in case.
Other retailers are up to their necks in debt, a legacy of earlier failed turnaround attempts (such as J.C. Penney and Rite Aid) or leveraged buyouts (J.Crew and Neiman Marcus), and could have a tougher time lining up any extra financial cushion. As Moody’s put it last week, the gap between retail’s haves and have-nots will grow wider as the crisis goes on.
“This year, weaker balance sheets and relentless margin pressures will continue to push smaller, cash-starved retailers down the ratings scale and closer to default,” Moody’s vice president and senior credit officer Mickey Chadha wrote in a research note. “This will be exacerbated with the extreme dislocations caused by the coronavirus pandemic.”
This comes after a hard period for retailers that has seen the likes of Barneys New York, Dress Barn, Modell’s and Pier 1 Imports file for bankruptcy protection in the last few months, and in the case of the first three, later liquidate altogether.
For those retailers able to stay open, most of them competing with each other much more than those that have had to close, this crisis is a golden opportunity to build market share. And doing so smoothly and efficiently means more people on staff at places like CVS and Dollar General.
More must-read stories from Fortune:
—Coronavirus pushes biggest U.S. mall developer to close all properties
—Will the future of meat be animal, vegetable, or lab-born?
—Stores are designating shopping times for coronavirus-vulnerable seniors
—Why e-commerce won’t save retailers from the coronavirus
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: The greatest designs of modern times
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-23--Boeing temporarily shuts down Seattle-area factories

Boeing is temporarily shuttering its Seattle-area factories, adding to a wave of plant closings sweeping the globe and compounding hurdles for a company already reeling from the grounding of its top-selling plane.
The shutdown will begin March 25 and last 14 days, Boeing said in a statement. The company will conduct deep cleaning at affected sites and establish “rigorous criteria for return to work.”
The closing leaves Boeing with just one fully functioning jetliner factory, a 787 Dreamliner plant in South Carolina. Production at the company’s facility in Renton, Washington, largely stopped in January because of the global 737 Max grounding, imposed a year ago after two deadly crashes.
“This necessary step protects our employees and the communities where they work and live,” said Boeing Chief Executive Officer Dave Calhoun. He said the company was working with public health officials, customers and others.
More coronavirus coverage from Fortune:
—Why the extraordinary dollar surge spells more trouble for the global economy
—Japan finally admits coronavirus might disrupt Tokyo 2020 Olympics
—Which stores are open—and closed—during the coronavirus pandemic in the U.S.?
—What medical experts say about Everlywell’s home coronavirus testing kits
—How to defer your mortgage payment due to coronavirus
—How Emmy season is proceeding, with caution, amid the coronavirus crisis
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.


fortune--2020-03-23--Are cash handouts, tax holidays, and bond purchases really the global economy’s best hope?

The details are still to be hammered out, but it seems already a nailed-on certainty that one of the consequences of the coronavirus pandemic will be a big expansion of the state into the economy, both in the U.S. and farther afield.
That ought to limit the short-term impact of the virus, which will be severe. How severe, exactly? St. Louis Federal Reserve President James Bullard, for one, said on Sunday that U.S. economic output could halve in the second quarter and send unemployment soaring.
But should policymakers and central bankers the world over throw the kitchen sink at the problem—think unlimited bond-buying, rate cuts, government financed wage supports, tax holidays, and cash handouts—such moves would raise uncomfortable questions about how the rich world digs itself out of the current hole in the longer term.
Until then, here are the most hotly discussed (and debated) options on the table.
Bailouts
In the last week alone, President Trump has flagged aid to the stricken airline industry, while White House economic adviser Larry Kudlow, who 12 years ago was fulminating against the bailout of General Motors, admitted that government equity injections are on the table this time around too.
In France, where President Emmanuel Macron has promised that no company will go bankrupt because of the virus, Finance Minister Bruno Le Maire has talked openly of nationalizing companies, while Germany has earmarked 100 billion euros of a 1-trillion-euro ($1.07 trillion) bundle of measures for equity investments in struggling firms. The U.K. is also considering injecting equity into three big airline groups, according to the Financial Times.
Equity injections for the airlines, who are currently bleeding $10 billion a month, inevitably gain most attention and generate the most political heat. Some accuse Boeing and the airlines as repeating Wall Street’s mistakes ahead of the 2008 crisis, taking too much cash out of a cyclical industry during the boom, leaving it with too few reserves to handle a downturn.
“I don’t think government bailouts of overleveraged companies that got overleveraged via share buybacks at all-time highs, enriching executives and hedge fund investors, will sit well with the American people,” bond guru Jeffrey Gundlach of DoubleLine Capital said via Twitter last week.
However, Steven Blitz, chief U.S. economist with TS Lombard, thinks such an analysis is oversimplistic.
“Debt is a much cheaper form of capital, so it makes sense [for companies] to do that,” Blitz told Fortune. Moreover, he said, critics need to accept that the pressure for such balance sheet acrobatics comes from all kinds of shareholders, including both public and private pension funds. “The economy is not generating the return on equity that investors need to meet their own liabilities…so to make it purely a moral hazard story is unfair.”
Strategic reserves
But the coming flood of bailouts goes well beyond a handful of airlines, and it takes many shapes. Already, last week the government put a supportive hand under an oil and gas industry hit hard by the collapse in demand for fuel, promising to buy 77 million barrels of oil for the Strategic Petroleum Reserve that otherwise could hardly be given away.
At a cost of just over $2 billion, that measure is small beer. On Sunday evening in Washington, D.C., Congress was still arguing over a stimulus package drafted by Senate Republicans with a sticker price of well over $1 trillion, which comes on top of a $500 billion package passed into law last week.
Direct equity injections?
In most cases, the equity injections are a last line of defense. In Europe at least, the first line is government guarantees of corporate debt, coupled with regulatory measures to ensure that banks don’t cut off lines of credit to stressed companies. A new German budget draft this week will include federal guarantees for over 550 billion euros—over one-third of all German banks’ lending to business.
Guarantees have a minimal cash impact on government finances if the credit quality holds, something that should be possible if—as many hope—the economy rebounds quickly when the virus recedes. The same is true of relaxing accounting rules such as the U.S. and China have done.
Tax relief and wage support
Things get more expensive when, for example, government waives tax deadlines, as the U.S., France, and the U.K. have all done. And they get more expensive still when government intervenes to support lost income for workers or to stop companies from laying staff off as their business dries up. The U.K. government said on Friday it will cover up to 80% of furloughed workers’ pay up to a maximum of 2,500 pounds ($2,900 a month)—a measure that could cost up to 3.5 billion pounds a month for every 1 million workers. For context, Germany’s Labor Ministry expects 2.15 million people to tap an existing facility for wage subsidies, according to various reports. Capitol Hill is still fighting over how far the U.S. should go in that direction.
Senate Republicans will do their best to keep an American plan free of direct wage supports, as the Europeans are plotting. And yet the U.S. and European approaches are beginning to look more similar by the day.
Buying bonds and corporate debt
The Federal Reserve’s latest unlimited quantitative easing program, unveiled on Monday, will see it buy $500 billion of Treasuries and $200 billion of agency commercial mortgage-backed securities, a huge boost for credit-strapped companies and municipalities. It follows a similar blueprint laid down by the European Central Bank’s 750 billion euro QE program, which is very business friendly. The Fed is not allowed to “pick winners,” whereas even before the coronavirus, the ECB’s QE program was helping the likes of luxury group LVMH to take over Tiffany & Co. with effectively free money.
The reflex to keep companies afloat—however natural—inevitably stores up trouble for a later day. Paul Donovan, chief economist with UBS Global Wealth Management, noted in a podcast last week that President Macron’s promise effectively keeps alive thousands of businesses that ought to be leaving the market (there were 52,000 insolvencies in France last year). British and German taxpayers looking at Royal Bank of Scotland and Commerzbank today may well wonder whether their money was spent wisely bailing the two banks out a decade ago.
However, those who dare to mention such risks at present don’t have a chance of success. Austrian central bank governor Robert Holzmann warned last week that such measures nullify the “purifying effects” of a downturn, citing the doctrine of the Austrian school of economics’ leading light Joseph Schumpeter, which holds that the “creative destruction” of recessions improves an economy’s long-term health. The ECB not only issued a statement contradicting what he said elsewhere in the interview, it also unfolded its 750 billion euro comfort blanket within 24 hours.
As Mark Schieritz, ECB correspondent for the left-leaning German newspaper Die Zeit, noted tartly, “The Austrian school should remain closed for the duration of this crisis.”
More must-read stories from Fortune:
—This famed economist doesn’t think we’re headed for another Great Recession
—These estimates of how much COVID-19 will hurt the economy are terrifying
—With the markets in turmoil, the ECB readies a bond-buying bazooka
—Here’s where Goldman Sachs predicts the stock market will bottom out—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: What’s causing the looming recession
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fortune--2020-03-23--Some Amazon Prime shipments won’t arrive for a month due to coronavirus

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Amazon Prime members who are used to getting their orders in 24 to 48 hours are facing a new reality as the COVID-19 coronavirus pandemic spreads. The online retailer says certain nonessential items will be de-prioritized and could take one month or longer to be delivered.
Some items, including select Nvidia graphics cards, are showing delivery dates of April 21. The news comes days after Amazon said it would prioritize medical supplies and household staples (along with other high-demand products) as it deals with increased workloads from the outbreak.
In a statement to Recode the company said, “To serve our customers in need while also helping to ensure the safety of our associates, we’ve changed our logistics, transportation, supply chain, purchasing, and third-party seller processes to prioritize stocking and delivering items that are a higher priority for our customers. This has resulted in some of our delivery promises being longer than usual.”
Amazon is currently hiring 100,000 people to work in its distribution facilities to keep up with demand.
The affected items vary wildly. A quick look at Amazon’s bestselling items page shows shoppers who buy games such as Jenga or Hasbro’s Guess Who will get their order this week (though in three days, not two), but those who want Connect 4, the third bestselling game, will have to wait until early May. Top-selling books are now not available until April 21, as well.
More coronavirus coverage from Fortune:
—A financial crisis looms as corporate America presses for a coronavirus bailout
—The tax deadline moved to July 15 due to coronavirus
—Death rate in China’s coronavirus epicenter is lower than previously thought
—How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on coronavirus and price war, the market looks for the new normal
—Funerals in the time of coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Outbreak, a daily roundup of stories on the coronavirus pandemic and its impact on global business, delivered free to your inbox.


fortune--2020-03-23--The Coronavirus Economy: How my job as a yoga studio owner has changed

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Before taking over studios Yoga Nanda Long Beach and Yoga Nanda Garden City—both on the south shore of Long Island—Bec Gathmann-Landini was a full-time yoga teacher, splitting her time between various wellness centers, studios, and gyms near her home in Baldwin, N.Y.
With over 11 years of teaching experience, she’s garnered a devout following of students who have come to rely on her vinyasa classes that are, remarkably, never the same. She changes the sequences, not to mention the rockin’ playlists and insightful introductory dharma talks for every 75-minute flow she leads. What’s more, the 33-year-old is a licensed doula and mom to 4-year-old Fenno and 18-month-old Wilder.
Fortune spoke with Gathmann-Landini for a new series, The Coronavirus Economy, to ask about how COVID-19 has affected her employment status and her plans for the future, and to get a sense of how she has been handling this news, both emotionally and financially. The following interview has been condensed and lightly edited for clarity.
Yoga teacher Bec Gathmann-Landini runs two yoga studios on New York’s Long Island. Courtesy of Bec Gathmann-Landini
Fortune: Tell us about your business and what you do.
Gathmann-Landini: In December, I acquired two sister studios on Long Island. I went from being solely responsible for myself and a free agent, to being responsible for employees and independent contractors. I have 13 front-desk staff and 30 yoga teachers. It was a pretty monumental transition.
When did you first realize things were about to change because of COVID-19?
Probably two weeks ago. I started to get this sense that things were shifting and that this was going to be a bigger deal than people were making it out to be. Once I started reading [what was happening in Italy], I started thinking about cleaning more efficiently. I started thinking, “Well, if someone has this, and they come here, how will this affect us as a group if we’re practicing mat to mat?”
What precautions did you put into place?
We removed all the blankets and bolsters and started sanitizing things to a medical standard. We took out the rental mats because we can’t clean them well enough, so people have to bring their own. And after every class we bleach the blocks. We also put a cap on classes. At one studio, we capped it at 15 people max, where it’s normally 28 to 30, and the other we capped at 22, when it can fit up to 50. I don’t want people to feel crowded, because that’s going to lead to panic, and that’s not what you want to have in a yoga class.
Since the COVID-19 outbreak, Gathmann-Landini says, “we started sanitizing things to a medical standard and put a cap on classes,” among other changes to the studios. Courtesy of Bec Gathmann-Landini
Also, we made it registration only, so no drop-ins. And if we don’t have five people registered, we’ll cancel the class. I want to practice as much social distancing as we can. I want to be able to open the doors again if we close, so I need to handle this cautiously. At the same time, we serve a lot of vulnerable populations, and I don’t want to put anyone at risk.
How soon after did you see a drop in class size?
Not immediately. But then I sent out an email to explain our procedures, and it seemed like that was when people realized this might be more serious. People started to pause their memberships, and I had two front-desk staff members quit because they didn’t feel safe coming into the studio. One of my teachers felt the same. Being in a social environment and community, we don’t know what the risk is.
Is that when you decided to close the studio for two weeks?
It was shortly after speaking to a mentor and friend of mine who does business coaching. I realized I can’t not close my doors when in my gut I knew it was the right thing to do even if I’m afraid I’ll never open again. In a lot of ways, I’ve been preparing for this moment with my yoga practice my whole life; to be able to make the hard decision, to be able to do the right thing—no matter the consequences. All we have is our passion and our humility and our integrity, and this the time to use it. I have an opportunity to choose how I’m going to show up, and this is how I’m going to show up. And if we don’t recover, I’ll look back, and I won’t have a single regret.
Is that your biggest fear right now? That you won’t recover?
I’m concerned about the studio, of course. But for a long time I was just a teacher, and I know what it’s like. You miss one class, you can’t afford your groceries sometimes. To be out of work completely for who knows how long? I mean, I only took five weeks off for maternity [leave]. So I’m worried about the teachers. I’m concerned for them. I didn’t have enough time as studio owner to give them a cushion.
What’s the plan of action while you’re closed?
To be very entrepreneurial. I’m live-streaming classes and offering prerecorded sessions as well as meditations. I’m also providing online coursework—free for members and paid for people to sign up and do from wherever they are.
Are all your teachers on board with participating?
I have a few who were difficult, but for the most part everyone is being really helpful and supportive. A couple even offered to volunteer, which I’m grateful for. But I’m trying to pay them all something as long as I possibly can.
What if you have to close for longer than two weeks?
Realistically, we could figure out how to make it through a month. But past that I don’t know. Listen, even a month is going to be hard. I’m a brand-new business owner. I put a ton of money in just to take it over and only just started to take even the smallest salary myself.
“I’m only teaching five or six classes a week, but I’m still running our 200-hour teacher training. I have a vision for the kind of community I want to create, and I have to maintain that,” says Gathmann-Landini. Courtesy of Bec Gathmann-Landini
Where would you need relief?
It’s going to depend on whether my landlords are able to subsidize our rent. We have a huge overhead because we need such big spaces. Mats are long, and people take up room when they’re lying down, so rent is almost a third of our revenue. There are also a ton of expenses people don’t realize like worker’s comp, liability insurance, scheduling software, email service—that stuff. Even if I’m not paying teachers or staff, I still have to pay those bills. I’m going to call Mindbody, our booking platform, to ask what they’re doing for studios.
You made the decision to shut on Saturday, and on Monday, New York State made that decision for all those who hadn’t yet done the same. How did that feel?
You mean, was there validation? Nah. But I’m glad that they did that. Yoga studios generally come from a place of ethics and values, but there are many gyms and studios out there who are in it for the bottom line, so I’m glad they were forced to do the right thing. It sucks to be forced, but if that’s the way it’s gotta be then that’s way it’s gotta be.
Why do you think so many people have been resistant to taking action?
There’s a lot of misinformation out there. Our generations and our parents’ generations have never had a national or worldwide event that’s united us like this. Our grandparents had world wars. So this is a global phenomenon that requires a behavior change and a paradigm shift. We’ve never experienced that, so we’re slow to react.
How would you, as a yoga teacher, recommend people move forward?
In America, we have this “pull yourself up by your bootstraps” mentality; like everything we’ve achieved we’ve gotten out of our own actions. Yoga teaches us that that’s not true. In fact, we are indebted and connected to so many people around us, and that is never more true than it is now. All of us will only get through this if we work together. We are going to have to function as a community and support each other. If you’re not able to be of service, accept help. And if you have energy to be of service, give help.
As a studio owner, at first I was resisting. I thought maybe it won’t be as bad, but then I thought, “You know what? I’m saying that because I’m scared.” But I’m going to have to get my wits together and be creative and ask for help and forge a path where no one is going. That’s the thing: There’s no other yoga studio doing it first or better. I’m going to have to figure it out myself, as a leader, and grab people along the way. That is yoga. Taking action when things feel scary and taking it one breath at time.
More coronavirus coverage from Fortune:
—How to get a refund on your Broadway tickets after the coronavirus shutdown
—The oil sector takes its next hit: The coronavirus on offshore rigs
—Some of the most extreme ways companies are combating the coronavirus
—How luxury designers in Italy’s fashion heartland are facing the coronavirus
—Amazon tells employees to work from home if they can. Warehouse workers can’t
—Why Dollar General thinks the coronavirus can help business
—Coronavirus may not be all bad for tech. Consider the “stay at home” stocks
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus and its impact on global business.


fortune--2020-03-23--T-Mobile offering $15 phone plan during coronavirus pandemic

T-Mobile US Inc. is cutting the price of its lowest-cost service earlier than planned in response to the spread of the COVID-19 virus, a new step after other wireless carriers have waived late fees and extra charges for people affected by the crisis.
Starting Wednesday, T-Mobile is offering a pay-as-you-go plan with 2 gigabytes of data for $15 a month. The offer is half the price of the previous one and was scheduled to launch after the company’s takeover of Sprint Corp. is completed next month.
“Right now, having a reliable, low-cost connection is absolutely crucial for Americans, and with many facing financial strain, time is of the essence,” said John Legere, T-Mobile’s chief executive officer.
Other wireless carriers are also making adjustments in the face of the virus threat. Verizon Communications Inc. said Monday that it is automatically adding 15 gigabytes of data to its wireless subscribers’ allotments and still halting late fees and disconnections for people affected by the COVID-19 epidemic. AT&T Inc. says it won’t charge customers extra for exceeding their data or calling allotments.
The Federal Communications Commission says it has been working with phone and cable network operators to help keep customers connected. FCC Commissioner Jessica Rosenworcel has raised concerns that homebound consumers could be penalized for heavy internet use during the coronavirus crisis.
More must-read stories from Fortune:
—Inside Xerox’s audacious quest to buy much bigger rival HP
—Uber’s CEO to investors: The coronavirus won’t kill our business
—A new iPad—and era, perhaps—arrives via press release
—Hong Kong launches surveillance operation to track suspected coronavirus patients
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: Best earbuds in 2020: Apple AirPods Pro Vs. Sony WF-1000XM3
Catch up with Data Sheet, Fortune’s daily digest on the business of tech.


fortune--2020-03-23--How Emmy season is proceeding, with caution, amid the coronavirus crisis

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As Hollywood absorbs the lasting, grim impact of shuttered theaters and delayed tentpoles, those on the inside of another showbiz economy—the Primetime Emmy Awards’ long, lucrative campaign season—are working to create a new normal amid the world’s unprecedented battle against the coronavirus pandemic.
Even the most ardent TV fan is most likely not aware of the Emmys until promos start to roll out after Labor Day. (This year’s telecast is set to air on ABC on Sept. 20.) Yet for show talent, craftspeople, executives, campaign strategists, trade journalists, and the 25,000 or so voting members of the Academy of Television Arts & Sciences, the Emmy telecast caps six-plus months of ad spending, “For Your Consideration” events (known to ring in at $200,000 a pop), and print-and-digital editorial coverage, all of which, in a normal year, would be getting into high gear right about now.
But aside from a few early FYC panel-screenings that had already taken place, including for HBO’s Westworld and The Plot Against America, live events have been suspended by the Television Academy until June 14.
Instead, the Academy is offering networks the option to keep their previously-set FYC event dates and instead live-stream audience-less Q&A panels on the TV Academy website—still featuring moderators in conversation with show talent—from the Wolf Theatre at its North Hollywood headquarters, to the tune of around $21,000. (Outlets also have the less expensive option to film their own panels offsite and stream them later.)
While clearly a pandemic-safe alternative, some wonder if virtual panels can connect voters with content in meaningful ways—that is, if they choose to tune in at all.
“We have a trifecta transforming the Emmy campaign landscape: the end of DVD mailers, mandatory screening links to TV Academy members, and now, social distancing,” says veteran awards consultant Rich Licata (Amazon’s The Marvelous Mrs. Maisel season one), who says that because voters often attend FYC screenings to schmooze with talent, enjoy free wine, and network, identifying an incentive for them to go online will be tricky, especially when they already have a barrage of screening links to consider too.
A New York–based consultant also wonders how a live-stream could simulate the same level of “interactive questioning” offered by a live Q&A. “How much the audience is able to interact with talent on stage greatly impacts voter perception of an actor or series,” she says.
Adds Licata: “Coronavirus has become the unexpected catalyst to level the David versus Goliath inequity of the Emmy-campaign playing field. With no obscenely expensive events, how will that affect the 2020 nominee list?”
K Callan, a 35-year member of the Academy’s actor branch (and the actress behind “Great Nana” in Knives Out), says she sees some viability in live-streaming, especially in the first year the Academy has banned physical-screener mailings for voters per coronavirus and waste concerns. A single DVD mailer in the past could have cost networks $1 million to mail to voters.
“It’s too bad screeners stopped this year as people are hungry for distraction, particularly for streaming-service shows, which not everyone can afford,” says Callan. “Because of this, voters could tune into online FYC events. The issue for networks will be figuring out ways for their presentations to stand out.”
Emmy’s biggest spenders are thus far staying mum on their specific coronavirus-era FYC strategies. But that doesn’t mean companies haven’t already committed a good portion of their awards budgets: Networks, studios, and streamers can shell out $100 million collectively during phase 1 of Emmy campaigns in the spring, deals that are often locked in by January. This means many, if not most, 2020 Emmy FYC print and digital ads in trade outlets such as Variety, The Hollywood Reporter, Deadline, and The Wrap were locked in well before the coronavirus crisis hit the U.S.
“As of now, there shouldn’t be too much interruption to this revenue,” says one sales rep. “But a lot depends on the trades getting their Emmy issues into voters’ hands at home, including links to their digital editions.”
A glut of preset Emmy FYC ads requires a glut of Emmy content to support them. What exactly that looks like during a pandemic remains to be seen. The Hollywood Reporter, for one, has booked but since delayed shooting its popular A-list talent roundtable series as the country copes with quarantining. Emmy pundits are scrambling to redefine content strategies, including ramping up social-distancing-friendly interviews via podcasting and Skype.
But perhaps the biggest question is, Just how game are TV talent to campaign for gold statues during such incredibly dark times?
Better Call Saul’s Rhea Seehorn says it’s a delicate balance between crisis control and hoping for the best. “We’re so appreciative of the attention the Television Academy has given our show and participate in as many FYC events as possible,” says Seehorn, whose critically acclaimed role as attorney Kim Wexler has minted her a top contender for supporting actress in a drama series for the now-airing fifth season of AMC’s Breaking Bad prequel.
“We’re also really proud of our show and want to promote it! But events, with their large groups, now threaten not just the safety of attendees but the nation’s and the world’s. It’s pretty crazy,” she tells Fortune. “We have to wait and see…but whether via social media or virtual panels—I think everyone is willing to find alternate ways to [campaign], while also doing everything we can to get through a terrible health crisis by acting responsibly and expecting the same from those around us.”
Tom O’Neil, editor of the awards-prediction site Gold Derby, says that personally, he’s “skeptical voters will watch videos online they need to in order to cast informed votes,” which could make pundits’ coverage and analyses even more relevant, especially in a massively crowded season in which Emmy’s most prestigious prizes—outstanding comedy and drama series—have no incumbent competitors. (That’s because 2019 winners Fleabag and Game of Thrones both ended last year.)
“Gold Derby will continue to cover Emmy races,” he says of his outlet, which serves as the go-to destination for publicists and awards reps to track talent’s awards buzz throughout the year. “In the grand Hollywood tradition, the show must go on.”
In keeping with that spirit, in an email to Fortune on March 18, a spokesperson for the Television Academy dispelled any notion that September’s Emmys telecast was in immediate danger of being canceled. “There are no planned changes to the Emmy calendar at this time,” she said. “We will continue to monitor the situation and update when appropriate.”
More must-read stories from Fortune:
—Filmmakers must make a choice as coronavirus forces festivals online
—Contagion writer, scientific adviser reflect on film’s newfound relevance amid coronavirus crisis
—How Harvey Weinstein’s sentencing could change the entertainment industry
—Don Cheadle on Black Monday, Wall Street in the Trump era, and hope about the climate change fight
—How Netflix’s Lost Girls upends the conventions of serial killer movies
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-23--Need to defer your mortgage payment due to coronavirus? Here’s how

As the economic impacts of the coronavirus pandemic begin to hit home, many Americans are worried about how they’ll make their mortgage payments, especially if they’ve been furloughed or laid off from their jobs.
The good news is mortgage lenders are quickly making accommodations. Mortgage giants Fannie Mae and Freddie Mac both have ordered lenders to be more flexible with borrowers, reducing or suspending payments for up to 12 months. That action alone covers half of the country’s home loans.
Other mortgage lenders are likely to follow suit eventually. But if your lender hasn’t set new policies yet and you’re facing an immediate mortgage crisis, there are steps you can take.
First off, and most important, don’t just stop paying your mortgage. Reach out to your lender and work with them to create a payment plan. That’s as easy as making a phone call.
Mortgage forbearance
Most lenders will offer a forbearance. That’s something to be cautious of, however.
A forbearance often only kicks payments down the road. So while you might not be able to pay a mortgage for several months, when that time period is over, you could be expected to deliver all the missed payments as well as the current one in a lump sum. For many people, that could be a devastating blow.
Check with your lender to see if this might be the case. Both Freddie Mac and Fannie Mae are ordering lenders to work with borrowers on a permanent plan to maintain or reduce monthly payments as necessary.
Mortgage modification
A better bet is to request a mortgage modification. This enables you to skip payments for a set period, then pay them back in a variety of different ways.
Some mortgage companies will spread the missed payments out over several months. Others, in the best-case scenario, will add the missed months to the end of your mortgage, extending the life of the loan, but not creating a financial hardship for you.
In the meantime, foreclosure sales and evictions in Freddie Mac– and Fannie Mae–owned homes have been halted until at least May 17. And delinquent payments will not be reported to credit bureaus.
Lender mortgage deferment plans
Major mortgage lenders are handling deferment requests in different ways. The best idea is to reach out to your lender directly. Their mortgage-assistance websites can also offer some basic information.
Chase The bank says it will review your loan for options including a repayment plan, forbearance, or a loan modification.
Bank of America The financial institution has paused foreclosure sales, evictions, and repossessions and says it is working with customers.
Wells Fargo Customers can call 800-869-3557 to discuss their options.
TD Bank The bank has specialists standing by at 800-222-5522.
More must-read stories from Fortune:
—The IRS defers 2020 tax payments by 90 days owing to the coronavirus
—Close to retirement and panicking? How to avoid locking in losses
—It’s time to start preparing your personal finances for a recession
—5 burning questions (and answers) about the Fed’s emergency rate cut to 0%
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: Lockheed Martin CEO Marillyn Hewson will step down
Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.


fortune--2020-03-23--Zillow halts homebuying due to coronavirus

Hundreds of businesses have shut down operations owing to the COVID-19 pandemic. Now home sales are starting to get put on hold.
Zillow has temporarily stopped its homebuying operations in 24 states because of the outbreak. Zillow Offers, which the company was planning on expanding to other markets, has been put on hold to protect both employees and buyers.
“Given the concerns for public safety and rapid developments by governments that restrict local real estate activities, we determined it was prudent to pause our homebuying to preserve our capital,” said Zillow Group cofounder and CEO Rich Barton in a statement. “We plan to restore Zillow Offers’ full operations once health concerns pass, and local health orders are lifted.”
Zillow is the first real estate agency to halt operations because of the coronavirus.
The company put a stop to open houses last week in all markets—and says it had already slowed its pace of acquiring homes over the past month. It currently has an inventory of approximately 1,860 homes, it says, down from 2,707 at the beginning of the year.
Zillow Offers lets homeowners sell their home to Zillow, which then sells the home itself. The home-flipping business, which uses algorithms, is still very much in its infancy, but has seen high demand. It reported revenues of $248.9 million for the second quarter of 2019.
More must-read stories from Fortune:
—The IRS defers 2020 tax payments by 90 days due to the coronavirus
—Close to retirement and panicking? How to avoid locking in losses
—It’s time to start preparing your personal finances for a recession
—5 burning questions (and answers) about the Fed’s emergency rate cut to 0%
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: Lockheed Martin CEO Marillyn Hewson will step down
Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.


fortune--2020-03-23--Term Sheet in times of coronavirus

Term Sheet in times of coronavirus

I’m Lucinda. You may already know me.
I’ve been making stealthy appearances covering the IPO section of this newsletter since 2017, though I’ve popped up above ground every so often, meerkat-style, to write the essay whenever Polina was out.
I 210% did not expect to ever write Term Sheet when I joined Fortune four years ago as a finance writer covering highly-regulated public companies. But here I am, just in time for startups to confront what may be a global economic meltdown. Strap in, Term Sheet readers—I am doing the same.
A programming note: Term Sheet will still arrive in your inbox every weekday morning. I’ll still be covering the day’s big news in dealmaking as well as sharing a list of major VC deals, private equity deals, IPOs, and more (scroll on for today’s list).
We won’t be having face-to-face contact any time soon, given my honor of taking over Term Sheet in the middle of a global pandemic—but I want to hear from you. What do you want to read about from me? What are you hearing that I should know? And how is your company dealing with coronavirus?
Let’s Zoom. Let’s email. Let’s On-nomi.
But enough housekeeping. On to the news.
Bargain deal: AOL acquired MovieFone—that service you used to call to buy tickets—in 1999 for $388 million. Last week, Chapter 7 bankruptcy filings of Helios & Matheson, MovieFone’s parent company, reveal that it sold for…just over $1 million.
Early on, MovieFone tried to pivot to online sales but lost to the likes of Fandango.com, theater websites and plain old Google. AOL later tried to reposition the whole venture as a broader entertainment media site…but it turned out that space has pretty heavy competition too. Helios & Matheson then acquired MovieFone in 2018 for about $1 million in cash, not including stock that is now worth nothing—and wound it down to a single employee. It’s unknown who exactly acquired MovieFone last week.
This one Twitter thread: If the medical shortages around the coronavirus haven’t become real enough to you yet, I would like to point you to a Twitter thread by a member of the startup community. Bradley Ziffer, a product designer at Acorns, recounted his harrowing experience trying to get hospital care while battling COVID-19 last week. An excerpt:
Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com
VENTURE DEALS
- Yuanfudao, a Beijing-based online education platform, is close to raising a new round valuing it at $7.5 billion, Reuters reports citing sources. The round would be co-led by Hillhouse Capital and Tencent. Read more.
- Lilium, a Munich-based startup building aircrafts that it plans to turn into a taxi fleet, raised over $240 million in a new round. Tencent led the round, and was joined by investors including Atomico, Freigeist, and LGT. Read more.
- iCapital Network, a New York-based platform giving advisors access to private equity, private credit, and hedge funds, raised $146 million. Ping An Global Voyager Fund led the round, and was joined by new investors Goldman Sachs, Affiliated Managers Group, Hamilton Lane, and WestCap. Existing investors BlackRock, UBS, Blackstone and BNY Mellon also invested.
- Cazoo, a UK-based startup that sells used cars online, raised £100 million ($116 million) in funding. DMG Ventures led the round, and was joined by investors General Catalyst, CNP (Groupe Frère), Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC. Read more.
- Enable, a U.K. maker of rebate management software, raised $13 million in Series A funding. Menlo Ventures, led the round, and was joined by investors including Sierra Ventures.
- Quit Genius, a San Francisco-based firm seeking to use cognitive behavioral therapy to treat addiction, raised $11 million in Series A funding. Octopus Ventures led the round, and was joined by investors including YC, Startup Health, Triple Point Ventures, Serena Ventures, and Venus Williams.
- Chilibeli, an Indonesian commerce platform for farmers and suppliers, raised $10 million in funding. Lightspeed Ventures led the round, and was joined by investors Golden Gate Venture, Sequoia Surge, Kinesys Group, and Alto Partners.
- SecuLetter Co., a Seoul-based information security company developing products to block malicious code attacks, raised $8 million in Series B funding. Riyadh Valley Company, KDB Bank (Korea Development Bank), Korea Investment Partners (KIP), and UTC Investment are the investors.
- qiio, a Swiss firm focused on IoT solutions, raised 1.89 million euros ($2 million) from an undisclosed investor.
- jumingo, a Bergisch Gladbach, Germany-based shipping marketplace, raised about 1 million euros ($1.1 million) in angel funding. Tim Schumacher led the round and was joined by existing backers Ryan Hood and Arno Nonnen.
PE
- Arcadia Consumer Healthcare, Inc., backed by Avista Capital Partners, acquired the U.S. rights to Kaopectate, an oral diarrhea medication, from Sanofi. Financial terms weren't disclosed.
- DuPont Sustainable Solutions, backed by Gyrus Capital, acquired Lodestone Partners, a Toronto-based metals resource management consultant. Financial terms weren't disclosed.
- C.J. Foods, Inc., a portfolio company of J.H. Whitney Capital Partners, completed its acquisition of American Nutrition, Inc., an Ogden, Utah-based maker of pet treats. Financial terms weren't disclosed.
OTHERS
- Apollo Global Management has bought a chunk of a $2 billion one-year loan to United Airlines in a bid to boost liquidity amid coronavirus, per Bloomberg citing sources. Read more.
- OneWeb, a London-based satellite operator backed by SoftBank, is considering filing for bankruptcy protection among other options to manage its cash crunch, Bloomberg reports citing sources. Read more.
- Global Savings Group acquired iGraal, a French cashback company, for 123.5 million euros ($132.7 million) in a mix of cash (35 million euros or $37.7 million) and stock. M6 Group was the seller.
IPOS
- J. Crew has suspended the spinoff IPO process for women’s clothing unit Madewell after failing to reach a deal with creditors, Bloomberg reports citing sources. Read more.
EXITS
- VideoAmp, acquired Conversion Logic, a Los Angeles-based marketing measurement platform. Lerer Hippeau, Pelion Venture Partners and Bonfire Ventures backed the firm. Financial terms weren't disclosed.
F+FS
- Dating.com Group, which backs brands including Tubit and ChinaLove, launched a $50 million corporate venture fund.


fortune--2020-03-23--It’s official: S&P 500 erases all gains during Trump’s presidency

U.S. stock sank as investors awaited progress on a spending package from Congress to tackle the economic fallout from the coronavirus. Measures of corporate credit risk eased and the dollar fell after the Federal Reserve announced a massive second wave of initiatives to support a shuttered American economy.
The S&P 500 dropped even after the Fed’s move helped futures wipe out a loss that reached 5% overnight when Congress failed to agree on a stimulus bill. Republicans continued to negotiate the deal after Democrats blocked the first effort. The index has now erased all gains during Donald Trump’s presidency.
“The equity market is reacting to the news of the stalemate between Democrats and Republicans about how to target funding,” said Nela Richardson, an investment strategist at Edward Jones. “A stalemate is good for no one.”
The central bank said it will buy an unlimited amount of bonds to keep borrowing costs low and set up programs to ensure credit flows to corporations and state and local governments. Spreads on credit default swaps tightened and bond ETFs eligible for Fed purchases rallied. Treasuries erased a surge after Steven Mnuchin said increased issuance is coming to fund stimulus measures.
“Today’s announcement will go a long way to reassuring investors the Fed has their backs and will stop the growing credit crisis in its tracks,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Yield spreads should narrow and the stock market should rest easier now that the Federal Reserve is giving it all it’s got.”
The Stoxx Europe 600 fell as the continent’s leaders scrambled to enforce more curbs on people’s movements and Italy began shutting most industrial production. Core European bonds climbed. Equities fell earlier across most of Asia, where India’s benchmark plunged a record 13% while the rupee sank to the lowest ever amid moves to lock down widespread areas of the country. Brent crude extended losses after its 20% decline last week.
Investors are beginning another dramatic week digesting slashed economic forecasts and news of Europeans struggling to curb the pandemic, with Italy and Spain reporting 2,000 deaths over the weekend between them. Warnings grew that a global recession is coming as cities from New York to Los Angeles all but shut down and cases rise rapidly outside Asia.
“Markets remain focused on the newsflow around the virus, especially in Italy and other places that saw earlier outbreaks, and on growing stresses in financial markets,” said Christian Mueller-Glissmann, managing director in portfolio strategy at Goldman Sachs in London. “Those include dollar-funding markets with spillovers to FX and EM but also credit markets, which are dealing with unprecedented sharp moves and large outflows.”
Before the Fed news, focus had been on the main American political parties failing to agree on a quick jolt to the sinking economy with a $2 trillion stimulus. Morgan Stanley warned the epidemic could cause GDP to shrink a record 30% in the second quarter. Federal Bank of St. Louis President James Bullard said the jobless rate may hit 30% and growth could even halve to $2.5 trillion during the three-month period.
Meanwhile, international air carriers continued to announce drastic measures to cope with the outbreak, with giants Emirates and Singapore Airlines Ltd. among the latest to slash flights, and jet maker Airbus SE withdrawing its earnings guidance.
“As difficult as it is to sit in cash, that’s certainly what I’m doing,” Brian Quartarolo, portfolio manager at Pilgrim Partners Asia, told Bloomberg TV. “I’m presently in New York, and the fear is palpable—it’s rising and there doesn’t seem to be anyone who thinks that this virus effect is anywhere near peaking yet, particularly here in the States.”
More must-read stories from Fortune:
—This famed economist doesn’t think we’re headed for another Great Recession
—These estimates of how much COVID-19 will hurt the economy are terrifying
—With the markets in turmoil, the ECB readies a bond-buying bazooka
—Here’s where Goldman Sachs predicts the stock market will bottom out—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: What’s causing the looming recession
Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.


fortune--2020-03-23--Updated: Here’s what medical experts say about Everlywell’s home coronavirus testing kits

Dr. George Rutherford uttered three words after learning thousands of coronavirus home test kits will be available to help curb the spread of the pandemic in the U.S.
“Yes, yes, yes,” Rutherford, a physician who investigates the control of infectious diseases at the University of California at San Francisco, told Fortune of the testing. “Countries like South Korea have done 270,000 coronavirus tests, trying to get this thing under control, and America has done far less than that. We need a lot of tests in many forms, and we need them now.”
With a widespread call across the country for more high-speed COVID-19 testing, help may be on the way as Everlywell, an Austin-based at-home health testing startup, will start selling 30,000 COVID-19 at-home testing kits on Monday.
Initially, the orders will be limited to health care companies from across the country—and from as far away as Africa—to test their workers, who are on the front lines of the coronavirus outbreak. That decision by Everlywell, made late Sunday, came after a flood of requests from hospital systems, doctors, nurses, and health care providers—and a public plea from the White House. For now, the health care companies will pay for the at-home tests and give them to their workers for free.
Sometime in the near future, Everlywell plans to open orders to at-home customers nationwide. But the Food and Drug Administration on Friday blocked at-home test kit sales to consumers, throwing Everlywell’s plan into confusion. The agency said it was working with test kit manufacturers on “expanding the availability of COVID-19 testing through safe and accurate tests that may include home collection.”
In a statement, Everlywell responded, “We are still committed to making a COVID-19 test available to consumers who fall within the CDC’s guidelines for recommended testing and are actively working with the FDA on a path forward.”
Last week, Everlywell CEO Julia Cheek told Fortune about selling tests to healthcare companies: “It has become increasingly apparent there is a desperate need for health care workers caring for sick patients on the front lines to have priority access to testing for COVID-19. There has been a massive concern by these professionals who are being exposed, and could contract the virus, but there aren’t enough tests to see if they have it themselves.”
The coronavirus tests by Everlywell, and soon by rival at-home testing startup Nurx, arrive as the number of coronavirus tests in a country such as South Korea is 40 times as high as that in the U.S., with a population of 330 million people, according to a recent report by Oxford University.
Everlywell’s testing will soon add to the more than 236,000 tests (and counting) conducted in the U.S., according to the COVID Tracking Project. Thousands more tests are supposed to be conducted weekly by federal and state labs, hospitals, and private companies such as Quest Diagnostics and LabCorp, Dr. Deborah Birx, the White House coronavirus response coordinator, and Vice President Mike Pence have told reporters.
The at-home testing in the U.S. also comes as more than 35,000 confirmed cases of the virus have led to more than 400 dead on Monday morning, according to a coronavirus tracker compiled by Johns Hopkins University. As a result, major states including California, New York, and Illinois have ordered all their residents to stay home, meaning about one in three Americans must sequester themselves.
Meanwhile, medical workers across the country continue to face a severe shortage of equipment and supplies, including swabs used for coronavirus testing, masks, surgical gowns, and eyewear to protect them as the pandemic spreads. The coronavirus is three times as contagious as the flu, Pence has said.
Additionally, the at-home testing arrives as the Food and Drug Administration announced this week that it is letting states get their own coronavirus testing systems underway. This measure means that the FDA may allow states to take steps such as permitting the use of new unapproved tests or letting labs not previously authorized to start testing.
“Yes, we fell way, way behind on diagnostic testing due to poor planning and preparation by the Trump administration in particular,” Dr. Donald Berwick, a former administrator of the Centers for Medicare and Medicaid Services under the Obama administration, told Fortune on Thursday. “Now, the shortage of supplies is coming back to haunt us.”
While Rutherford and Berwick both say they are not as familiar with the likes of Everlywell (which has received millions in venture capital funding and was once publicly criticized about its food sensitivity testing) and Nurx, each supports the need for various types of coronavirus testing. Those include at-home and drive-thru testing or tests performed at a hospital or clinic. The doctors both welcome public and private partnerships to get it done.
“It’s crucial to have testing, period,” Berwick said.
Everlywell’s plan is to send its tests, which cost $135 each, overnight to people who either had direct exposure to the coronavirus or are experiencing symptoms. The customers will have to fill out a questionnaire and fall within the Centers for Disease Control’s (CDC) guidelines for recommended testing. If customers meet the criteria, PWNHealth, Everlywell’s telehealth partner, will send them the test.
Everlywell customers must take a nose swab sample themselves and send it to a lab in prepaid packaging. The results could be available online within three days, Cheek said, at which point customers will be given an appointment with a physician from PWNHealth, during which they’ll learn what to do next, especially if they test positive for the virus.
The Trump administration is promoting using telehealth and telemedicine services to increase the chances of seeing a doctor while also lowering the potential risk of infecting others.
Rutherford, the San Francisco–based physician, voiced concerns that at-home testers must be well instructed about how to use a long nasal swab to provide a good lab sample. Failing to do so may result in a false negative.
“This is not just swabbing the first quarter-inch of the nose; you have to dig in there,” Rutherford said. “If you are going to do it, I’d say make sure getting the specimen hurts and your eyes water. Give yourself a thorough swabbing.”
President Trump gave a similar description of his coronavirus-testing experience during a briefing with reporters at the White House on Sunday.
Everlywell has enlisted eight medical labs across the country that will split a $1 million incentive offered by the startup to make the tests a priority, Cheek said. All of the labs comply with the FDA’s Emergency Use Authorization for rapid COVID-19 testing, she added.
Berwick said he hopes the participants act responsibly as this is part of a medical concept called “crisis standards of care,” where, under catastrophic conditions, health care may substantially change or be relaxed due to a scarcity of resources—in this case, the number of coronavirus tests.
“When the demands are overwhelming, crisis standards of care still should not be sloppy or dangerous,” Berwick said. “But we need to be flexible in certain circumstances. We have to do everything we can to intercept this pandemic.”
Julie Khani, president of the American Clinical Laboratory Association (ACLA), a trade group representing medical labs, agrees.
“As scientific advances push forward new tools to meet this need, we must ensure that all results—regardless of specimen type—are backed by good science,” Khani said. “Our ability to make headway against this national emergency depends on it.”
Everlywell hopes to soon ramp up the number of at-home tests to 250,000 a week, said Cheek, who added that her company will make no profit from the tests. “This is going to be a long-term effort,” she said.
Update: This article has been updated with information from the Food and Drug Administration about blocking at-home coronavirus test kits and a comment about that from Everlywell.
More coronavirus coverage from Fortune:
—A financial crisis looms as corporate America presses for a coronavirus bailout
—The tax deadline is moved to July 15 owing to the coronavirus
—The death rate in China’s coronavirus epicenter is lower than previously thought
—How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on the coronavirus and a price war, the market seeks a new normal
—Funerals in the time of the coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Outbreak, a daily roundup of stories on the coronavirus pandemic and its impact on global business, delivered free to your inbox.


fortune--2020-03-23--How one San Francisco startup bought $1.4 million worth of masks and other supplies

This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here.
Like you, I’ve been reading, reading, reading, trying so hard to understand new concepts: flattening the curve, mitigation versus suppression, herd immunity, economic devastation versus saving lives, a roller-coaster recovery.
Like the ravaging virus itself, our knowledge base is moving quickly. Just when we think we have a basic understanding of what’s going on, experts give us new information we hadn’t considered. While virologists have studied pandemics for years, no one has seen this one before. Even if there were the perfect combination of epidemiologist/economist/health policy expert/political leader, that person or group of people would still be improvising as they went along. By and large, everyone is trying to do their best under stressful circumstances.
And so we cope, comforted a little by the knowledge that smart people will keep coming up with good ideas.
An entrepreneur in San Francisco, Ryan Petersen, took it upon himself to buy badly needed supplies for the city’s hospitals through his freight-forwarding startup Flexport. He worked with the city’s health department to identify what it needed—surgical masks, gloves, gowns, and thermometers—and then procured them for $1.4 million. Then he reached out to his network to defray the cost. (You can help by donating here, as I did; the city has quickly acknowledged Flexport’s contribution and publicized another site where donors can help with supplies.) I hadn’t heard of Flexport or Petersen. The company is backed by a bevy of first-rate investors, including Google Ventures, Bloomberg Beta, First Round, and SV Angel.
I’ve been deluged with messages from companies telling me how they’re helping. It is inspiring. Comcast, for example, is making its Xfinity WiFi hotspots available to anyone and is also suspending caps on data usage for customers.
Other than being cooped up with my family, my biggest hardship so far is that my newspapers didn’t arrive Sunday. I want to spend less time on screens, not more. I hope Sunday’s miss doesn’t mark the true end of print some of us have feared for so long.
Finally, I held fire on the whole gender discussion over Peloton a few months back, centering on an ad in which a woman explains that her husband bought her a Peloton. You see, around that time my wife bought our family a Peloton. There was no hidden message other than that she wanted the Peloton. I love it. (This is not sponsored content.) Even if you don’t have one, you can try the non-bike exercises classes in the app as part of the company’s 90-day free trial.
Adam Lashinsky
@adamlashinsky
adam.lashinsky@fortune.com
This edition of Data Sheet was curated by Aaron Pressman.
NEWSWORTHY
Keep digging. The chickens are coming home to roost at profligate startup investor SoftBank Group. The creator of the $100 billion Vision Fund says it will sell off assets worth more than $40 billion to buyback stock and reduce its debt load. That could include some of its $120 billion stake in Chinese e-commerce giant Alibaba.
They disturb each other’s orbits. Speaking of SoftBank, its preferred Internet space startup, OneWeb, successfully launched 34 more satellites on Saturday. OneWeb, which has been rumored to have financial troubles, says it plans to start demonstrating its service for customers by the end of the year.
Here I come to save the day. The White House’s Office of Science and Technology is organizing an all-star team of supercomputing to help find treatments for COVID-19. IBM, Google, Microsoft, and Amazon are on board, as is Summit, the Department of Energy's supercomputer that currently holds the title of world's fastest.
Battle stations. At least by one measure, Internet speeds are slowing in some cities crowded with stuck-at-home workers and students. Houston, New York City, San Diego, and San Jose saw significant slowdowns, reporting firm BroadbandNow says. It shouldn't take long to download a few e-books, however. Scribd says it's making its whole collection free for the month. Netflix will spend $100 million of cash to aid workers and some of Hollywood's related charities, like the SAG-AFTRA Covid-19 Disaster Fund.
The cure is worse than the disease. While many states have now banned drivers from using phones while driving, a new study suggests that may not be enough. Turns out, touch-based infotainment systems, including Apple CarPlay and Google's Android Auto, also seriously impair driver response times.
FOOD FOR THOUGHT
When the coronavirus crisis has passed, the economy will start growing again and new startups will...start up. Wired editor Victoria Turk spoke with Sophie Adelman, who co-founded the apprenticeships startup WhiteHat, to get some advice about quickly scaling up a tech business.
Adelman is a fan of the concept of “giving away your Legos”, coined by startup founder and former Facebook and Google employee Molly Graham to describe dealing with a scaling team. In Graham’s metaphor, the growing business consists of Lego towers that its employees are constantly building. As more people are hired, existing team members may feel anxious or threatened and not want to share their Lego bricks for fear of losing control over their tower’s design. But the better course of action is not to hoard bricks, but to find a bigger tower to work on instead.
IN CASE YOU MISSED IT
Privacy could be the next victim of the coronavirus By David Meyer
TikTok’s newest viral influencers? Personal finance stars By Polina Marinova
Cisco commits $225 million to battle coronavirus, leading tech’s fight against the pandemic By Jonathan Vanian
Here’s what to look for in a work-from-home VPN By Alyssa Newcomb
No quarter: Coronavirus is killing pinball halls—and all the other communal spaces we call home’ By Bill Lascher
What to watch on Netflix while social distancing during the coronavirus pandemic By Isaac Feldberg
Diary of a lockdown: What it feels like in 17 cities during the pandemic By Rachel Schallom
(Some of these stories require a subscription to access. There is a 50% discount for our loyal readers if you use this link to sign up. Thank you for supporting our journalism.)
BEFORE YOU GO
The theme is right on, though you may or may not be ready to read some fictional stories that mirror our pandemic-induced dystopian times. If you are, Fortune editor Rachel King has you covered with a list of 11 great post-apocalyptic novels. Stay safe and healthy.
Aaron Pressman
@ampressman
aaron.pressman@fortune.com


fortune--2020-03-23--Presidential crisis management: How Trump’s handling of coronavirus compares with other U.S. preside

Presidential crisis management: How Trump’s handling of coronavirus compares with other U.S. presidents

Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.
Woodrow Wilson was more focused on the end of World War I than a flu virus that was making its way around the globe, ultimately sickening hundreds of thousands of Americans, including the president himself.
George W. Bush stood with a bullhorn on a pile of rubble after the 9/11 attacks on lower Manhattan and promised that the people who were responsible “will hear all of us soon.”
Barack Obama was in office for just a few months when the first reports came in about the H1N1 virus, which would eventually be declared a pandemic like today’s new coronavirus.
Most American presidents will confront a crisis — or crises — before they leave office, whether it is a natural disaster, war, economic downturn, public health threat or terrorism.
What matters is how they respond, historians say.
“The number one thing a president can do in a moment like this is try to calm the nation,” said Julian Zelizer, a presidential historian at Princeton University.
It’s what Franklin D. Roosevelt did during an extraordinary 12 years in office, guiding the nation through a bleak period of Depression-era unemployment, a severe Midwest drought known as the Dust Bowl and battle against the Nazis and Japanese in World War II.
During the influenza of Wilson’s time, which killed an estimated 50 million people worldwide, including about 675,000 in America, presidents were not involved in public health issues in the same way that President Donald Trump has become engrossed in the U.S. effort against the new coronavirus.
Such issues were left for public health professionals at the state and local level.
“Wilson never issued any public statement whatsoever,” said John M. Barry, author of “The Great Influenza,” a book about the 1918 flu. “He was entirely focused on the war. Period.”
In fact, Wilson was so focused on the post-war peace talks that he was a party to in Paris that he, too, ended up stricken with the flu. He recovered.
Trump, on the other hand, seems intent on being the public face of the effort against what has become his most serious challenge in a reelection year. Trump, who has no scientific or medical training, now leads a daily White House briefing on coronavirus efforts by a task force he tapped the vice president to lead.
Trump styles himself as a “wartime president” fighting an “invisible enemy” responsible for hundreds of deaths and thousands of infections in the U.S. – numbers that will continue to rise as the virus spreads — and a dramatic upheaval of everyday life.
Millions of people have been ordered or urged to stay home for the foreseeable future, cut off from simple pleasures like going to restaurants, shopping malls or movies in a bid to slow the virus.
But Trump’s crisis management has earned mixed reviews, with praise from many supporters and criticism from detractors, including mayors and governors who are desperate for Trump to more robustly use his authority to help them get much-needed protective gear and supplies for doctors and nurses.
The president’s early attempts to minimize the severity of the situation, and to suggest that it was under control, have been panned, though he recently adopted a more urgent tone.
But the damage has been done, said Scott Morrison, of the Center for Strategic and International Studies, citing lack of public trust due to Trump’s early handling of the situation.
“Not having trust and confidence is a huge liability heading into something this catastrophic,” said Morrison, senior vice president and director of the Global Health Policy Center at CSIS.
Obama was a few months into his first term in 2009 term when reports started coming in that April about the H1N1 flu. He addressed the situation that month, assembled a team and ultimately declared both a public health emergency and a national emergency to deal with the threat.
“This is obviously a very serious situation, and every American should know that their entire government is taking the utmost precautions and preparations,” Obama said as he opened a White House news conference that month.
He said public health officials had recommended that schools with confirmed cases consider temporarily closing, and that he had asked Congress for $1.5 billion in emergency funding to help monitor and track the virus, and to build a supply of antiviral drugs and other equipment.
“Everyone should rest assured that this government is prepared to do whatever it takes to control the impact of this virus,” Obama said.
Dr. Howard Markel, director of the University of Michigan’s Center for the History of Medicine, said Obama was “very hands on” during H1N1 — but not as visibly as Trump. Obama’s director of the Center for Disease Control and Prevention conducted daily briefings from Atlanta.
“He took a step back because he allowed his experts to run the show,” Markel said of Obama. “He didn’t have to be in front of the podium, but you knew he was there.”
Nearly 12,500 deaths due to the H1N1 flu were reported in the U.S. between April 2009 and April 2010, when the World Health Organization declared an end to the pandemic.
Obama spent nearly $1 billion and sent U.S. military personnel to West Africa to help with the response to an outbreak of Ebola in 2014.
Still feeling his way through his first year in office, Bush became a wartime president the instant hijackers recruited by the al-Qaida militant network flew commercial airliners with passengers into the World Trade Center, the Pentagon and a Pennsylvania field on Sept. 11, 2001.
Days later, Bush stood atop the rubble and memorably spoke for the nation.
“I can hear you!” Bush blared through the bullhorn as emergency responders cheered. “The rest of the world hears you! And the people – and the people who knocked these buildings down will hear all of us soon.”
Weeks after that appearance, Bush authorized military airstrikes against Taliban military installations and al-Qaida training camps in Afghanistan. U.S. military engagement in Afghanistan continues to this day.
More coronavirus coverage from Fortune:
—Financial crisis looms as corporate America presses for coronavirus bailout
—Tax deadline moved to July 15 due to coronavirus
—Death rate in China’s coronavirus epicenter is lower than previously thought
—How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on coronavirus and price war, the market looks for the new normal
—Funerals in the time of coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.


fortune--2020-03-23--Women are on the front lines of the coronavirus crisis

Good morning, Broadsheet readers! A new political donation is the biggest from a woman this election cycle, pregnancy and fertility treatments are upended by the pandemic, and women are on the front lines of the coronavirus crisis. Have a mindful Monday.
– On the front lines. Something that’s only become clearer as the coronavirus pandemic has spread: women are on the front lines of the crisis.
There are the women who make up more than 85% of registered nurses nationwide. There are the women who work two-thirds of minimum wage jobs, many of whom are either losing their jobs as businesses close, or becoming more crucial than ever as they provide the essential services that keep society running. And there are the women who work as caregivers outside hospitals, in nursing homes, in people’s homes, and those who look after at-risk or elderly members of their own families for no pay at all.
Even though the new coronavirus is more fatal in men than women, these demographics mean women may be infected at higher rates. Across the healthcare industry, women hold 76% of jobs, according to the U.S. Census Bureau.
Some states and companies are taking steps to protect the women who will be most at risk as the crisis continues. Last week, Minnesota and Vermont said they would classify grocery store workers as emergency personnel—allowing them to access state-funded childcare while they head into work during the pandemic. Hopefully, more states will follow suit.
This weekend, the New York Times published a video featuring Fran Marion, a longtime worker and shift manager at McDonald’s in Kansas City, Missouri. In the piece, she pleads with McDonald’s to begin providing paid sick leave for its workforce; as a large employer, the fast-food chain isn’t required to offer emergency sick leave by Congress’s coronavirus legislation.
Those decisions and pleas are a reminder of how crucial it is for companies and lawmakers to take action—fast—to protect women like Marion and the rest of their workforces.
On a brighter note, we’re looking for the next round of Broadsheet reader responses. This time, the question: if you’ve been working from home for a little while now, what are some of your tips for staying productive and focused? Send your best ones to broadsheet@fortune.com and they may be featured in a future edition of the newsletter.
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
ALSO IN THE HEADLINES
- Pregnant in the time of COVID-19. From IVF to birth plans, the coronavirus pandemic is changing everything about pregnancy. Fertility treatments are indefinitely on hold for many women; some hospitals are barring visitors, including partners of women in labor; and some women are now considering home birth instead of going to the hospital.
- Markets open, floor closed. For the first time since the New York Stock Exchange opened a formalized place to buy and sell shares in 1871, that trading floor will be closed while markets remain open starting today. NYSE president Stacey Cunningham last week emphasized that markets "should remain open and accessible to investors" despite the in-person safety precautions. Fortune
- Big bucks. Karla Jurvetson, a Bay Area psychiatrist, gave $14.6 million to a super PAC supporting Sen. Elizabeth Warren in the final days of her campaign for president. The just-disclosed donations make Jurvetson the woman to donate the most money in the presidential race so far and a sought-after backer for the general election. Re/code
- Prison outbreak. Well, all plots had to converge at some point. Harvey Weinstein has reportedly tested positive for the coronavirus from prison; after being convicted of rape and sentenced to 23 years in prison, he was briefly held at Rikers Island, which is facing an outbreak of COVID-19. BuzzFeed
MOVERS AND SHAKERS: Lora Shiao will be the new acting director for the National Counterterrorism Center.
IN CASE YOU MISSED IT
- 'Es is ernst.' Angela Merkel gave a rare televised address to Germany last week, making clear the gravity of the coronavirus crisis. "This is serious," she told Germans, adding that the country hasn't faced such a crisis since World War II. Merkel herself is now self-isolating after a doctor she saw recently tested positive for COVID-19. New York Magazine
- 'Non-essential?' Ohio has ordered abortion clinics in the state to stop performing the procedure during the coronavirus outbreak. The attorney general told abortion providers to stop performing "non-essential surgical abortions," defined as "those that can be delayed without undue risk to the current or future health of a patient." Abortion rights activists argue that the procedure is inherently time-sensitive and that delays will increase risks and make the procedure even more inaccessible. It's a fight we may soon see in more states. CBS News
- Hall of famers. Polly Smith, Hinda Miller, and Lisa Lindahl invented something most Broadsheet readers probably use every day (especially at home these days!): the sports bra. The trio, who came up with the idea five years after Title IX gave girls equal access to sports in school, are among the 2020 inductees to the National Inventors Hall of Fame. NJ.com
- Self-made millionaire. Run out of shows to watch already? New on Netflix is Self-Made, a mini-series about America's first self-made female millionaire. Octavia Spencer plays Madam C.J. Walker, the black hair mogul in the project directed by Kasi Lemmons. Vogue
ON MY RADAR
Here’s what parents dealing with coronavirus isolation want you to know BuzzFeed
Inside one of the service industry's riskiest jobs during the coronavirus crisis Texas Monthly
The coronavirus outbreak is 'like a nightmare' for people with eating disorders BuzzFeed
PARTING WORDS
"Instructors are aware of our responsibility. I’m in your living room right now, your kids are probably running amok, and who knows what’s going on in your inbox?"
-Peloton instructor Robin Arzón


fortune--2020-03-23--NBA player highlights common coronavirus symptoms: Lost senses of smell, taste

Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.
After National Basketball Association player Rudy Gobert-Bourgarel caught the coronavirus, he wondered whether others had suffered the same loss of smell and taste he experienced.
Turns out many have. A sudden, unexplained loss of these senses is an early symptom reported among Covid-19 patients in South Korea, China and Italy, according to ENT UK, which represents ear, nose and throat surgery professionals in the U.K. Either total or partial loss of smell, known medically as anosmia, may be an initial telltale sign of Covid-19 infection.
Just to give you guys an update, loss of smell and taste is definitely one of the symptoms, haven’t been able to smell anything for the last 4 days. Anyone experiencing the same thing? — Rudy Gobert (@rudygobert27) March 22, 2020
The feature is important because it might help identify people at risk for the coronavirus infection who require testing and isolation, as well as alert surgeons to cases where conducting transnasal and sinus operations could be hazardous. Fourteen people were infected after a patient in China with the coronavirus underwent endoscopic pituitary surgery, likely dispersing the virus from the nasal cavity.
“It’s evidence that’s emerging day by day,” said Simon Carney, professor of ear, nose and throat surgery at Flinders University in Adelaide, South Australia, in a phone interview. “It’s important that this information be put in the public domain” for health authorities to review.
French basketball player Gobert-Bourgarel, who plays in the NBA for the Utah Jazz, is reported to have tested positive for the pandemic-causing coronavirus in mid-March.
‘Silent carriers’
Anosmia is a symptom that occurs frequently after cold-like viral infections. But it’s not included in the definitions that health care workers use to identify possible Covid-19 cases, according to Carney.
Often the sensory loss occurs in coronavirus patients in the absence of other symptoms. It may be driven by the fact that the highest concentrations of the virus can be detected in patients’ nasal cavities around the time they develop symptoms.
“It is these ‘silent carriers’ who may remain undetected by current screening procedures, which may explain why the disease has progressed so rapidly in so many countries,” said Carney, who is the outgoing president of the Australia and New Zealand Rhinologic Society.
In Germany, more than two-thirds of confirmed cases have reported anosmia, UK ENT said. In South Korea, where testing has been more widespread, 30% of patients testing positive have had it as their major presenting symptom in otherwise mild cases.
The number of reports of patients complaining about anosmia in the absence of other symptoms is “rapidly growing,” said Claire Hopkins, president of the British Rhinological Society and professor of rhinology at King’s College London. She cited reports from doctors in Iran, the U.S., France and northern Italy in a letter posted on March 21 on ENT UK’s website.
Hopkins said she saw four patients aged under age 40 with the condition in a week who were otherwise asymptomatic.
“I usually see roughly no more than one a month,” Hopkins said. “I think these patients may be some of the hitherto hidden carriers that have facilitated the rapid spread of Covid-19. Unfortunately, these patients do not meet current criteria for testing or self-isolation.”
More coronavirus coverage from Fortune:
—Financial crisis looms as corporate America presses for coronavirus bailout
—Tax deadline moved to July 15 due to coronavirus
—Death rate in China’s coronavirus epicenter is lower than previously thought
—How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on coronavirus and price war, the market looks for the new normal
—Funerals in the time of coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.


fortune--2020-03-23--Which stores are open—and closed—during the coronavirus pandemic in the U.S.?

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The continued spread of the COVID-19 coronavirus is forcing pretty much every retailer around the country to alter their hours in some form or fashion. Whether because of curfew, the need to do deep cleanings or longer restocking periods, it can be challenging to know whether your local grocery store, Walmart or Target is open at times you’re used to shopping there (or if it’s open at all).
Some companies, like Apple and Sephora, have shut down all locations indefinitely. Others are reducing hours. And some, like many gas stations and pharmacies, haven’t adjusted hours at all. (Many are also offering specific shopping hours just for seniors and people who are at high-risk for infection from coronavirus).
Here’s a look at which stores have shut down and those that have reduced hours during the ongoing pandemic.
Grocery stores that are open with shortened hours due to coronavirus
Aldi: 9 a.m. to 7 p.m.
Albertson’s: Stores are opening an hour later and closing one hour earlier than normal.
Bi-Lo: Stores close at 9 p.m. nightly
Harris Teeter: 7 a.m. – 8 p.m.
City Market: 7 a.m. – 8 p.m.
Copps: Closing at 10:00 pm daily
Fry’s Food Stores: 6 a.m. – 10 p.m.
Food 4 Less: 8 a.m. – 8 p.m.
Foods Co: 8 a.m. – 8 p.m.
Food Town: 8 a.m. – 8 p.m.
Fred Meyer: 7 a.m. – 10 p.m.
Jay-C Food Stores: 7 a.m. – 10 p.m.
King Soopers– 7 a.m. – 8 p.m.
Kroger (Hours vary by city and state)
Ashland, KY: 7 am – 10 pm
Cincinnati, OH; Dayton, OH; Northern, KY: 7 am – 9 pm
Columbus, OH; Toledo, OH: 7 am – 10 pm
Georgia: 8 am – 9 pm
Houston, TX Region: Most stores open 7 am – 10 pm
Indianapolis, IN; Central IN store locations; Peoria, IL: 7 am – 10 pm
Lexington, KY; Louisville; KY; Southern IN store locations; Southern IL store locations: Check local store hours
Michigan: 7 am – 10 pm
Middle TN store locations; Knoxville, TN; Huntsville, AL; Bowling Green, KY: 6 am – 10 pm
Southeastern OH (Belpre, Marietta, Proctorville): 7 am – 10 pm
Southern Alabama store locations: 8 am – 9 pm
South Carolina: 8 am – 9 pm
Tri-Cities, TN store locations: 7 am – 10 pm
Virginia: 7 am – 10 pm
West Virginia: 7 am – 10 pm
Lidl: 8 am – 8 pm
Metro Market – Closing at 10:00 pm daily
Owen’s Market – 7 am – 10 pm
Pay-Less Super Markets – 7 am – 10 pm
Pick ‘N Save – Closing at 10:00 pm daily
Publix – 8 am – 8 pm
QFC – 7 am – 11 pm
Ralphs – 8 am – 8 pm
Safeway – Stores are opening an hour later and closing one hour earlier than normal.
Stop & Shop – 7:30 am – 8 pm
Smith’s Food and Drug – 8 am – 10 pm
Trader Joe’s – 9 am – 7 pm
Wegman’s – 7 am – 10 pm
Winn Dixie – All stores close at 9 pm
Whole Foods – Stores will close “up to two hours” early
Retailers that are open with shortened hours due to coronavirus
Home Depot – Stores closing at 6 pm
Walgreens – 9 am – 9 pm
Best Buy – 10 am – 6 pm
Walmart – 7 am – 8:30 pm
Target – All stores closing by 9 pm
Retail stores closed because of coronavirus
Abercrombie & Fitch
Adidas
Apple
Bath & Body Works
Belk
Build-A-Bear
Chico’s
Claire’s
Coach
Crate & Barrel
Dick’s Sporting Goods
Disney Stores
DSW
Foot Locker
Gap, Inc.
H&M
Ikea
J.C. Penney
J.Crew
Kate Spade
Kohl’s
Levi Strauss
Lush
MAC Cosmetics
Macy’s
Microsoft Stores
Neiman Marcus
Nike
Nordstrom
Old Navy
Origins
Patagonia
Pottery Barn
Ralph Lauren
Reebok
REI
Saks Fifth Avenue
Sephora
Simon Property Group (106 malls and 69 outlets closed)
Sprint(limited stores open)
T-Mobile(limited stores open)
Tommy Hilfiger
Ulta Beauty
Urban Outfitter
Victoria’s Secret (online store also closed)
Warby Parker
West Elm
White House Black Market
Williams Sonoma
WW (Weight Watchers)
More coronavirus coverage from Fortune:
—Financial crisis looms as corporate America presses for coronavirus bailout
—Tax deadline moved to July 15 due to coronavirus
—Death rate in China’s coronavirus epicenter is lower than previously thought
—How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on coronavirus and price war, the market looks for the new normal
—Funerals in the time of coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.