Despite all the frantic worldwide research efforts, costing billions of dollars, to find a vaccine or some other effective treatment for the coronavirus, the answer still remains elusive. The virus is not only hurting people… but it is threatening business as well.
A recent article in the Wall Street Journal described the situation this way: “Companies have endured financial meltdowns, civil wars and natural disasters. Now they are confronting a different kind of menace: a fast-spreading virus that has abruptly dented demand and supply across industries and continents. The novel coronavirus, which has infected more than 85,000 people, has swept through Asia and Europe, disrupted global travel and hobbled supply chains that churn out everything from smartphones to pharmaceuticals. In days, it went from pockets of woe to the top concern of chief executives world-wide.”
The Washington Post reports that airlines, travel and cruise industries hurt by the coronavirus could get tax relief from the government. In the article, economic adviser Larry Kudlow confirms the administration is considering “timely and targeted” intervention.
It said: “The travel and tourism industries are facing their worst crisis since the 2001 terrorist attacks, prompting White House officials to consider deferring taxes for the cruise, travel and airline industries.” Other supply giants will probably also be on that list.
It continued: “The tax deferrals for the travel industry are being considered as airlines cut back on routes and warn about declining ticket sales. Hotel chains are struggling with vacancies in Asia and are bracing for similar waves in the United States. Business travel is falling, and trade shows, music festivals and conventions are being canceled from San Francisco to Chicago to Austin to Miami. Families and college students are reconsidering spring break excursions and distant summer plans… Other countries have already enacted tax relief for their hardest-hit industries. It concluded: “White House economic adviser Larry Kudlow confirmed that the administration is considering “timely and targeted” federal interventions to help workers, businesses and industries most vulnerable economically to the outbreak.”
Many major corporations have enacted internal travel restriction policies. This is coming from the executive offices at some of the biggest corporations in America including Amazon, Google, Ford Motor Company and many others.
U.S. News reported “Some companies are moving to limit employees’ travel, hoping to lessen the possibility of the coronavirus spreading through an office.” Read more at https://www.usnews.com/news/economy/articles/2020-03-03/twitter-amazon-google-among-businesses-guarding-against-coronavirus.
According to the United Nations, as of March 3, 22 countries on three continents have closed schools because of the virus. As cases of coronavirus disease continue to be identified in countries around the world, the effort to stem its spread has kept some 290 million students home from school. Read more at https://www.npr.org/sections/goatsandsoda/2020/03/05/812557984/as-schools-close-due-to-coronavirus-nearly-300-million-kids-arent-in-class.