A look at first-quarter financial statements from 20 Michigan-based companies shows the first cracks from the pandemic — and raises questions about how deeply some of the state’s largest businesses will be affected.
COVID-19 continues to pressure the state’s smallest operations, with 45 percent closed and 60 percent laying off at least one employee. Here is what an advocacy group says about the situation and what is needed next.
Cities like Ann Arbor and East Lansing benefit from the ‘economic engines’ of their state universities. Budget shortfalls, potential layoffs and more fallout from COVID-19 now threaten their financial balance, from students shopping in local stores to how many people they employ.
Like hospitals before them, businesses across the state face the prospect of having to compete for personal protective equipment they expect will be required to reopen but remains in high demand amid the global pandemic.
Coronavirus is still battering the state’s restaurant industry, which lost $1.2 billion in sales in April and saw 75 percent of workers laid off. Switching to carry-out and opening for fewer patrons may not be enough for many to survive.
Casinos insulate Michigan tribal budgets against a chronic shortage of federal funding. But with casinos shuttered to prevent COVID-19 spread, tribal leaders now find themselves wondering how to fund key programs.
Businesses in the northeast Lower Peninsula say some workers are not quite ready to return to their jobs, given the boost in income they receive from special federal and state funding during the pandemic lockdown.
Programs set up to help businesses decimated by the coronavirus shutdown have run out of money or halted applications. One Michigan business owner thought his application for a portion of $349 billion in federal stimulus was set only to learn the money ran out.
Among the details that may have been leaked to "an unauthorized third party" include names, dates of birth, Social Security numbers, medical conditions, and in some cases, bank account information and driver's license numbers.
The crush of 1 million new claims is rapidly depleting Michigan’s unemployment fund, which could force the state to borrow money. Jobless workers would still get checks, but Michigan may have to raise business taxes to repay the debt, slowing any recovery.
Despite widespread complaints over a sluggish website and slammed call center, the Michigan Unemployment Insurance Agency successfully processed 817,185 initial benefits claims between March 15 and April 4, second only to the more populous state of California.
Bryan Newland, chairman of the northeastern Upper Peninsula tribe, said Bay Mills Indian Community leaders had no choice but to stop paying employees of the tribe’s resort and casinos after a request for federal relief loans went unanswered.
Already gearing for a recession, Michigan faces billions of dollars in lost wages and tens of thousands of job cuts. Using maps and charts, Bridge explains how the impact of the coronavirus shutdown will vary widely by industry and maps.