Welcome to the 58th issue of the California Coronavirus Weekly Recap newsletter. Before we get started with this week’s news, we want to alert you that a scam asking for donations to a GoFundMe campaign on behalf of C.A.R. is being circulated among C.A.R. members via email. Using C.A.R.’s logo, the email subject line says, “Martin Recovery Journey” and reads in part as below. Read more here.
In This Issue:
- The Economy & Your Finances: Paycheck Protection Program funds may run out before end of the month
- The Market & Industry: California median home price hits new record high
- Around the State: All Californians age 16+ eligible for vaccination
- Health Check-Up: Fewer than 6k Americans have been infected with COVID-19 after full vaccination
The Economy & Your Finances: Paycheck Protection Program funds may run out before end of the monthFunds for the Paycheck Protection Program (PPP) may run out by the end of this month, well before the May 31 application deadline. If you are interested in obtaining a forgivable first or second draw PPP loan but haven’t yet applied, C.A.R. recommends applying with your lender as soon as possible. For more information on how to apply for a PPP loan, please refer to C.A.R.’s Small Business Loan FAQs for agents or brokers.
The EDD recently announced that recipients of Pandemic Unemployment Assistance (PUA) don’t need to file a new claim when they reach the end of their benefit year. Members with an existing PUA claim should select “Register or Manage” on their UI Online home page and look for messages notifying them that they have weeks available to certify. Recipients of regular Unemployment Insurance (UI), however, will need to file a new claim if they’re still eligible at the end of their benefit year and they’ll be notified via email and text message, or mailed written notice when their new claim is processed.
U.S. unemployment claims sank to a pandemic low in the first week of April; in California, claims plunged to their lowest level in three months. Even with these improvements, California has yet to recover 56 percent of the 2.7 million jobs lost in the spring of 2020 due to the pandemic. And while the statewide unemployment rate fell to 8.3 percent in March from 8.5 percent in February, experts attribute the decline to some 40,000 workers who left the workforce altogether.
The Federal Reserve’s newest board member Christopher Waller said last week that the U.S. economy is “ready to rip,” predicting that the U.S. economy could grow by 6 percent this year. Retail sales surged 9.8 percent in March, the steepest increase since May of last year, although experts attribute the surge to individuals receiving their stimulus checks and expect that spending will drop off in April.
The California Franchise Tax Board began sending out $600 stimulus payments to qualifying Californians on April 15 as part of Governor Newsom’s coronavirus stimulus package, signed on February 23. Californians who meet the eligibility requirements and filed their 2020 taxes between January 1 and March 1 should expect a check within six to eight weeks. Those who filed their 2020 taxes on March 2 or later should check this website for more information.
Sources: Market Watch, The Mercury News, CALMatters, Associated Press, CNN, Newsweek, California Franchise Tax Board, KCRA, Politico
The Market & Industry: California median home price hits new record high
Fierce competition drove California’s median home price to reach a new record high in March of $758,990, while the state’s housing market continued its momentum with sales remaining solid heading into the spring homebuying season. With the U.S. economy expected to grow and mortgage rates trending down, consumer confidence is likely to improve, and experts predict the market will maintain its momentum.
Homebuilding has bounced back, increasing 19.4 in March from February. High lumber costs remain a concern, but builder confidence suggests that construction will ramp up to meet the strong housing demand.
Sources: C.A.R., REALTOR® Magazine, CNBC
Around the State: All Californians age 16+ eligible for vaccination
As of last night at 10:13 p.m., cases in California numbered 3,699,436 and 52 percent of California adults were at least partially vaccinated. The statewide average for ICU bed availability was 32.8 percent, and the state is averaging a 1.7 percent positivity rate for tests. In Los Angeles County, long the epicenter of California’s outbreak, the positivity rate is at 1 percent, the lowest it has been since the start of the pandemic.
Beginning last Thursday, April 15, all Californians over age 16 are eligible for vaccination. Newsom has said the pause of the Johnson & Johnson vaccine affects only 4 percent of California’s supply, as most Californains are receiving either the Moderna or Pfizer vaccines. Availability of the vaccine varies significantly based on county. To sign up for an appointment, visit California’s MyTurn website.
Newsom expects that all students will be able to return to classrooms by August, with “extreme exceptions” to in-person learning still being allowed and accommodated. He has repeatedly declined to guarantee a full fall reopening in case the pandemic’s trajectory dramatically shifts.
Sources: The Sacramento Bee, AP News, CA Public Radio, ABC 7 News
Health Check-Up: Fewer than 6k Americans have been infected with COVID-19 after full vaccinationCDC Director Rachelle Walensky says fewer than 6,000 Americans have been infected with COVID-19 after being fully vaccinated, representing just 0.007 percent of the 84 million fully vaccinated Americans. Breakthrough infections, which occur when a fully vaccinated person gets infected more than 14 days after their second dose, are extremely rare. But it’s important to remember that no vaccine offers 100 percent protection, and the risk of contracting COVID-19 still depends on herd immunity and the extent to which the virus is circulating in the community.
Pfizer CEO Albert Bourla says it is likely people will need a third booster dose of the COVID-19 vaccine within 12 months of getting vaccinated. It is also possible people will need to get vaccinated for COVID-19 annually, similar to the flu vaccine. The Biden administration is working to ensure booster shots will be available to the American public should they become necessary.
Concerns over extremely rare but serious blood clots caused federal authorities to pause the rollout of the Johnson & Johnson vaccine last week. For those who have already received the Johnson & Johnson vaccine and may be concerned, experts say to keep an eye out for severe symptoms — headache, chest pain, shortness of breath, etc. — that develop four to 20 days after vaccination. If such symptoms develop, it is important to seek medical care.
Sources: CNBC, NPR, CBS News