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Tag: bailout

Defense Contractors Don’t Need Another Covid Bailout


(360b / Shutterstock)


This article originally appeared at TomDispatch.com. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.

The inadequate response of both the federal and state governments to the Covid-19 pandemic has had a devastating impact on the United States, creating what could only be called a national security crisis. More than 190,000 Americans are dead, approximately half of them people of color. Yelp data show that more than 132,000 businesses have already closed and census data suggest that, thanks to lost wages, nearly 17 percent of Americans with children can’t afford to feed them enough food.

In this same period, a number of defense contractors have been doing remarkably well. Lockheed Martin, the Pentagon’s top contractor, reported that, compared to 2019, its earnings are actually up—yes, up! The company’s success led the financial

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My employer turned us all into contractors. As soon as he got a government bailout, we all got canned. Is that legal?

Q: After coronavirus hit, my employer changed a dozen of us to contractor status. None of us understood why or what it would mean. At first it seemed like a good thing as we wound up with more cash every payday without payroll taxes coming out of our checks.

My employer then applied for and got government bailout money. As soon as that happened, we all got canned. We later learned employers can fire contractors without being in violation of the loan terms.

Initially, my family and I were able to get by on unemployment, but then our car went on the blink, and we had other unexpected expenses. We’re now surviving on handouts; I’m standing in line at food banks to feed my kids. The food I’m given feeds my family but eats my dignity. Is what my employer did legit?

A: Possibly not. If your employer simply relabeled

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Mortgage bailout numbers improve slowly, but real test is ahead

Jb Reed | Bloomberg | Getty Images

The number of borrowers in government Covid-19-related mortgage bailout programs is shrinking, but those in private-label or bank bailouts is rising.

This suggests that there is still pain ahead in the mortgage market, as some borrowers are simply not recovering enough financially to afford their home loans.

The total number of mortgages in active forbearance programs, where borrowers delay their monthly payments for at least three months, declined by 26,000 last week or 0.7%, according to Black Knight, a mortgage technology and data firm. This marks four consecutive weeks of improvement, but the pace has been slowing for the past few weeks.

As of Sept. 15, just under 3.7 million homeowners remain in these plans, representing 7% of all active mortgages. Together, these loans represent $781 billion in unpaid principal. The number of forbearance plans are now down more than 22% from the

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