Weekly News (September 2, 2020)

This week’s Interest Rate (36th  Week)

(By Fairway Asset )

(The rate based on 25% down payment with 740 above credit score)

Prime Rate:3.0% / Ref IR: 0.00- 0.25%

Charging additional 0.5% for Re-Fi will be extended 3 month till December.

New Jersey State will apply for an approval of additional $300 from FEMA 

(The Korea Daily  8/28)

• New Jersey decided to apply LWA (Lost Wages Supplement Assistance) $300 additional funds beyond regular UI benefits to FEMA.  An individual receives lee than $100 UI cannot receive this additional $300 fund.
• NJ has reached to 1.3M unemployment due to COVID-19 and only 800,000 people will receive the additional $300.
• FEMA has approved the funds for New York and some other states already.

New Jersey, indoor dining can resume from 9/4

(The Korea Daily   9/1)

• After 6 month closure, New Jersey will allow indoor dining up to 25% capacity from 9/4 under 1% virus transmission rate.   Still wearing mask and keeping 6 feet social distance, and max 8 people per table will be kept.  Indoor events including wedding, political assembly, funeral will be allowed to 150 people (from 100) or 25% capacity.
• Meantime, New York City will not allow indoor dining for a while till vaccine is available, possibly next Spring, said the Mayor.
• New York Governor announced that the hospitalized patients are 418, ICU patients are 109 which are the lowest since 3/15/2020. The virus transmission rate is 0.99% and the death toll is 1 on that day.

New Jersey allows undocumented immigrants to take professional license exam

(Record/  Korea Times  9/2)

• The governor signed the law to allow undocumented immigrants to take professional and occupational license exam such as lawyer, doctor, pharmacist, CPA, nail and hair workers.  There are 51 occupational and professional licensing boards in NJ.
• With this new law, about 500,000 people can receive benefits in New Jersey, and this is the first time in North East area in US. ( New Jersey population in 2020 is 9.2 M and it is growing)

Bergen County, NJ will provide grant to restaurants and small businesses    

(Record/ Korea Daily  9/2)

• The grant will be provided to restaurants and small businesses who were suffered from COVID-19 most.
• In other to avoid online traffic jam, application date will be scheduled differently: Restaurants and food service establishments from 8/31, essential businesses from 9/7, other small businesses from 9/14.
• You may ask info at www.bergencountycares.org

NYC delays public school opening on 9/21 due to teacher’s strike

  (Korea Daily   9/2)

• NYC agrees with UFT (United Federation of Teachers) that face-to-face class will begin 21st Schools will prepare “Instructional Transition & Orientation” session from 16th for 3 days for both online and face-to-face classes.
• On 31st, NY death toll is 3, NJ death toll is 7.

COVID-19 Change: 1 out 4 shopping malls will be closed in 5 years

(Korea Times  9/2)

• According to CNBC & Coresignt Research, about 1000 shopping malls will be closed between next 3 and 5 years, which is 25% of total shopping malls in US due to the change of consumer’s buying pattern.
• Typical shopping mall tenants are department stores, theaters, clothing stores which are damaged by COVID-19 mostly. Shopping malls are trying different tactics of changing to new tenants for entertainment and famous restaurants such skydiving, Cheese Cake Factory, etc, but recovery is difficult.

COVID-19 Change: NYC Commercial Real Estate is the worst victim of COVID-19

(Korea Daily  9/1)

• REBNY (Real Estate Board of NY) announced that commercial transaction amount for the first 6 month of this year, including multifamily complex has reached to $1.05 B which is 54% of the amount for the last year same period.
• Sale price is also dropped significantly: Multifamily complex is down 50%, office complex is down 29%, and hotel is down 37%.
• NYC Real Estate market, especially Manhattan and Brooklyn, has enjoyed booming for last 10 years while multifamily complex and office buildings are built and high-tech companies are moving in.  Now it is stopped by COVID-19.
• The biggest deal for this year so far is the Lord and Taylor building purchased by Amazon at $978 M.

FAA approved Amazon’s Drone delivery system

(Korea Daily  9/1)

• Amazon’s drone delivery comes to our lives sooner because FAA (Federal Aviation Administration) has approved the Amazon’s application on 31st.  Amazon announced that this is a real advancement, but they are continuing testing the systems.
• So far, FAA has approved 3 companies: UPS, a Google subsidiary, and Amazon.

Zoom Video Communication Inc stock shoot up 41%

(WSJ   9/2)

• Zoom shares was up 41% Tuesday to $457.69, giving the company market value of about $131 B.
• The company said they have 370,000 customers with more than 10 employees.
• One of Zoom’s challenges is addressing security concerns: “Zoombombing” which is hacker’s unauthorized access to the meetings.

Others/Tech News : Apple and Google will build virus-tracing tech directly into  phones

   (NYT/ Record  9/2 )    – Phone app gives alert if owner approaches to the COVID-19 positives