Show/Hide

COVID-19 INFO: City closures and cancellations, resources for businesses and people.

Archived Posts

City Blog

Print
Press Enter to show all options, press Tab go to next option
Return to Blog

Economic Situation Report: April 16, 2020

BH
by Ben Hemson04/16/2020 4:28 PM
Updated: 04/16/2020

City of Bend || Economic Situation Report for April 16, 2020

  • For the week ending April 11, 2,661 unemployment insurance claims were processed, bringing the County total to 10,125. 
  • SBA has stopped accepting new applications for both the Payroll Protection Plan (PPP) and the Economic Injury Disaster Loan (EIDL) as both have exhausted their appropriated funding. 
  • We expect the Governor’s Economic Advisory Council to release details on Oregon’s reopening plan tomorrow. 

 

(Un)Employment Situation

Unemployment insurance claims continued to rise in Deschutes County. Over the week ending April 11, another 2,661 were processed, bringing the County total to 10,125.  The highest numbers of claims are from individuals in three industries:

  • Accommodation and food services (28.6% of processed claims)
  • Health care and social assistance (16% of processed claims)
  • Retail trade (11.2% of processed claims)

As of April 4, Deschutes County had the third highest number of clams in the State.

Unemployment Insurance claims numbers will continue to rise as the Oregon Employment Department works through a backlog of claims.  It is estimated that over 16,000 individuals have applied for unemployment insurance in Deschutes County but not all have not had their claims processed.  In the coming days the Employment Department will begin processing claims from sole proprietors and self-employed individuals.

 Funding Runs Out

SBA announced today that they processed 14 years’ worth of loans in 14 days. Over 9,500 businesses in Oregon have received funds from SBA. The need has been much higher than the available funding. SBA has stopped accepting new applications for both the Payroll Protection Plan (PPP) and the Economic Injury Disaster Loan (EIDL COVID 19 related assistance program) as both exhausted their appropriated funding. 

 A number of local banks and credit unions continue to process paperwork for businesses that did not receive funding this round in hopes that Congress will allocate additional funds for the PPP and EIDL programs.

Opening Timelines

On Tuesday, Governor Brown announced a “framework plan” for the reopening of Oregon’s economy. We expect the Governor’s Coronavirus Economic Advisory Council to release a more in-depth initial re-opening plan tomorrow. 

  1. Updated: 04/24/2020
Footer Broken Top Three Sisters