Mnuchin Confirms ‘Paycheck Protection Program’ Is Up And Running; UK Suffers Biggest Daily Jump In Deaths: Live Updates

Friday, April 3, 2020
By Paul Martin

by Tyler Durden
ZeroHedge.com
Fri, 04/03/2020

Summary:

US nonfarm payrolls was an unmitigated disaster.
Russia reports drop in cases after extending quarantine
Bolsonaro urges country to “go back to work” as Brazil’s governors say opposite
Brazil says first COVID-19 case and death in South American happened 1 month earlier
Beijing says more than half of foreign diplomats identified as close contacts of COVID-19 patients
Japan sees resurgence of cases continue
UK reports biggest daily jump in deaths
Spain, Germany report encouraging deceleration in new cases
Singapore launches strict 14-day lockdown to fight virus resurgence
Trump slams 3M on twitter
400M in loans doled out
Bank of America becomes first big bank to issue loans via the plan
Mnuchin confirms ‘Paycheck Protection Plan’ is a go
Tokyo mayor warns about resurgence of cases on CNN
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Update (1053ET): As PM Johnson tries to guide his government through an unprecedented crisis while struggling with the brutal flu-on-steroids symptoms of COVID-19, UK Health Secretary Matt Hancock, who has also tested positive for COVID, has confirmed that UK saw its biggest jump in deaths over the last day.

As the latest data throw cold water on the hopes for a “flattening” in the UK curve, Hancock suggested to a terrified public that deaths could peak on April 12 – Easter Sunday – as some models have shown, according to the FT.

Meanwhile, here are the latest numbers.

https://twitter.com/DHSCgovuk?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1246060750680076289&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fmajor-reversal-singapore-imposes-month-long-lockdown-combat-asias-second-wave-covid-19

Downing Street has said it will next review the UK’s lockdown conditions after Easter. In the meantime, Hancock and Johnson have their hands full trying to get tests to frontline workers, while trying to stave out an all-out collapse of the NHS.

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Update (1038ET): Just as yet another reputable scientist declares that the theory that COVID-19 may have leaked out of a Chinese biolab shouldn’t be dismissed, Beijing is cranking up its propaganda machine and doubling down on its blaming of “foreign visitors” for igniting a second wave of COVID-19 infections.

The Global Times just reported that out of 84 foreign diplomats who recently returned to China, 66% were traced as close contacts of confirmed patients.

This statement, if accurate, offers a glimpse into the depth and complexity of China’s surveillance network, which it has marshaled to help trace the contacts of confirmed COVID-19 patients. It also sets up the foreign ministry to propagate another round of conspiracies that blame the US and the West for the outbreak.

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Update (0944ET): Is Mnuchin going to keep a running ticker of loan figures? It’s starting to look that way:

Update (0920ET): Bank of America just confirmed that it has started issuing loans through the program. Now, will we see the rest of the big banks turn on the taps in the next few hours?

* * *

Update (0912ET): Thousands of small and medium-sized business owners just breathed a huge sigh of relief.

After reassuring the public during last night’s press conference that the bailout bill’s “Paycheck Protection Program” would be up and running “tomorrow” (i.e. Friday), Mnuchin tweeted Friday morning that the first loans had been issued via the program, and that small business owners are now welcome to apply.

So far, community banks have issued 700 loans…

…and big banks are expected to come online shortly.

Last night, Mnuchin revealed that the administration had agreed to pay Wall Street a 50 bp ‘tribute’ on all loans (ie billions of additional dollars in risk-free profits) issued via the program.

All of this comes after the BLS released a surprisingly discouraging jobs report, showing that more than 700k jobs have been destroyed in the last month, ending a more than 110-month streak of job creation that began after the end of the financial crisis.

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