Coronavirus live updates: First stimulus checks deposited, payouts for small business rescue lag

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

• Global cases: More than 1,870,000
• Global deaths: At least 116,052
• US cases: More than 558,526
• US deaths: At least 22,146

The data above was compiled by Johns Hopkins University.

Billionaire investor Leon Cooperman said the U.S. government should offer financial assistance to companies that are struggling during the coronavirus pandemic. 

“If the government lets all these companies go bankrupt and they do disgorge labor, the government is going to have to basically pay a lot of unemployment benefits,” Cooperman said on “Fast Money Halftime Report.”

“Instead, they make low-interest rate or interest-free loans to these companies that are experiencing [a] liquidity crisis, the companies fix themselves up and they come back,” Cooperman argued. 

Cooperman was responding to viral comments made last week on CNBC by venture capitalist Chamath Palihapitiya, who said the U.S. government should not bail out billionaires and hedge funds as part of its response to the coronavirus pandemic. —Kevin Stankiewicz

President Vladimir Putin said Russia might need to call in the army to help tackle the coronavirus crisis and warned the contagion was getting worse after the number of confirmed cases rose by a record daily amount.

Moscow, the worst-hit area, and several other regions have imposed a lockdown, ordering residents to stay at home except to buy food, seek urgent medical treatment, take out the rubbish, or go to work if absolutely necessary.

Putin criticized what he said was sloppiness in some regions that had allowed local outbreaks to gain a foothold and urged regional leaders to make use of what he said was a three to four-week lag with Moscow. —Reuters

Britain should expect the number of daily deaths from coronavirus to continue to rise this week, followed by a plateau for a period of two to three weeks, the government’s chief scientific adviser said.

“You’d expect that (the plateau) to go on for two or three weeks but I can’t be absolutely sure on the time of that,” said Patrick Vallance at a daily government news conference.

After the plateau, the number of daily deaths should begin to decrease, he added. — Reuters

Mortgage rates have fallen back to recent lows, and though homebuyers aren’t exactly banging on the doors during the spring housing market amid the coronavirus crisis, there are some hardy ones out there in the hunt. And there are still plenty of current homeowners who could save money through a refinance.

Unfortunately, both types of loans are now harder to get as the mortgage market is badly battered on several fronts due to the impacts of the pandemic on the economy and employment.

Mortgage credit availability in March fell to the lowest level in five years, according to a survey by the Mortgage Bankers Association. Lenders cite a large drop in liquidity, as investors in jumbo mortgage-backed bonds pull back. Jumbo loans are those valued above the conforming loan limit of $510,400. —Diana Olick

The first wave of stimulus relief checks were deposited into some Americans’ bank accounts over the weekend, according to the IRS. Millions more can expect to receive theirs in the coming weeks as part of the $2.2 trillion stimulus bill passed to aid Americans suffering financially as a result of the coronavirus pandemic. 

To help taxpayers check the status of their payment, the IRS is rolling out a tracking tool called “Get My Payment” by April 17. The tool will also let users update their direct deposit information with the IRS.

The agency also unveiled an online tool for low-income Americans who do not typically file taxes to enter their banking information to receive a payment.

The checks, worth $1,200 for individuals with adjusted gross income below $75,000 and $2,400 for couples earning below $150,00, are part of the federal government’s response to unprecedented unemployment levels and financial strain caused by Covid-19. —Alicia Adamczyk

With theaters closed for the foreseeable future and studios postponing blockbusters until 2021, this year’s box office is expected to fall more than 40% compared with last year, a new report predicts.

Wedbush analyst Michael Pachter said he estimates the 2020 box office will reach around $6.6 billion. The last time the box office was this low was in 1998 when the industry reported $6.7 billion in ticket sales.

Through the first three months of the year, sales at the box office have tallied $1.79 billion, a 25.4% fall from the same period a year ago.

“Our estimates reflect our opinion that most theaters will remain closed domestically well into June, with a slow recovery over the balance of the year,” Pachter wrote in a note. “We expect some regions to remain closed for several months.” —Sarah Whitten

World Health Organization officials said not all people who recover from the coronavirus have the antibodies to fight a second infection, raising questions as to whether or not patients develop immunity after surviving Covid-19. 

“With regards to recovery and then re-infection, I believe we do not have the answers to that. That is an unknown,” Dr. Mike Ryan, executive director of WHO’s emergencies programs, said at a press conference at the organization’s Geneva headquarters on Monday. 

A preliminary study of patients in Shanghai found that some patients had “no detectable antibody response” while others had a very high response, said Dr. Maria Van Kerkhove, WHO’s lead scientist on Covid-19. Whether the patients that had a strong anti-body response were immune to a second infection is “a separate question,” she added.

More than 300,000 of the 1.87 million coronavirus cases across the world have recovered, WHO officials noted, adding that they need more information from recovered patients to understand their antibody response and whether that gives them immunity and for how long. —Will Feuer, Berkeley Lovelace Jr.

New York Gov. Andrew Cuomo on Monday said the state is “controlling the spread” of the coronavirus, and it appears that “the worst is over … if we continue to be smart going forward.”

But at the same time, Cuomo revealed that the death toll from Covid-19 in New York had topped 10,000 people.

However, he pointed to a flattening of some data points tracking the virus, or a drop in some cases, as evidence that radical measures such as the shuttering of non-essential businesses had helped to contain the virus.

“We’re controlling the spread,” Cuomo said at a press conference in Albany.

“The worst can be over, and is over, unless we do something reckless.”

“You can turn those numbers on two or three days of reckless behaviors,” he said. “If we do something stupid, you will see those numbers go right back up tomorrow.” —Dan Mangan

World Health Organization officials warned nations across the globe against lifting government lockdowns to contain the Covid-19 outbreak too soon, saying that the coronavirus spreads fast and is 10 times deadlier than the 2009 flu pandemic.

“While Covid-19 accelerates very fast, it decelerates much more slowly. In other words, the way down is much slower than the way up,” WHO Director-General Tedros Adhanom Ghebreyesus said at a press conference at the organization’s Geneva headquarters. “That means control measures must be lifted slowly and with control. It cannot happen all at once.”

U.S. political leaders, from President Donald Trump to New York Gov. Andrew Cuomo, have said they he hope to reopen businesses as soon as its safe to do so.

“Control measures can only be lifted if the right public health measures are in place, including significant capacity for contact tracing,” Tedros said. —Berkeley Lovelace Jr., Will Feuer

Even as small businesses have applied for more than half of the $350 billion allotted for the Paycheck Protection Program — and all the funds may be spoken for this week — the amount actually disbursed to businesses is lagging well behind.

The “PPP,” the Trump administration’s centerpiece program to help small businesses weather the economic effects of the coronavirus, has approved 860,000 applications for $210 billion of loans through 4,500 lenders — an accomplishment praised by many bankers. But moving from application to disbursal has proven to be another challenge that bankers said has been hampered by a lack of clarity from the Treasury Department and the Small Business Administration, and the need first to use bank personnel to process applications before closing loans.

“Banks are absolutely beginning to fund and you’re going to see those numbers grow dramatically,” said Rob Nichols, president of the American Bankers Association. Nichols added, however, “We are still seeking some areas of guidance around some of the contours of the program.” —Steve Liesman, Kate Rogers, Dawn Giel

CNBC’s Jim Cramer criticized the launch of the small business loan program passed by Congress last month, arguing delays are heaping more burden on business owners.

“How many weeks do I have to front everybody?” Cramer said on “Squawk on the Street.”

Cramer owns Bar San Miguel and co-owns The Longshoreman. Both restaurants are in Brooklyn, New York.

While saying he’s fortunate enough to be able to pay his employees in the absence of the small business loans, Cramer said the situation is different for many other entrepreneurs who have been impacted by the coronavirus pandemic.

“Most people can’t front people,” he said. “We’re not governments.” —Kevin Stankiewicz

 A U.S. Navy sailor assigned to the coronavirus-stricken USS Theodore Roosevelt aircraft carrier died Monday from the disease after testing positive last month, the service confirmed in a statement.

“At approximately 8:30 a.m., Apr. 9, the Sailor was found unresponsive during a daily medical check. While Naval Base Guam emergency responders were notified, CPR was administered by fellow Sailors and onsite medical team in the house. The Sailor was transferred to U.S. Naval Hospital Guam where the Sailor was moved to the Intensive Care Unit. The Sailor was declared deceased April 13,” the Navy wrote in a Monday statement.

The sailor’s death is the first for the U.S. Navy’s vessels at sea and comes as nearly 600 sailors on the ship test positive for the coronavirus. —Amanda Macias 

New York City Mayor Bill de Blasio said the city was having a “very good day” as the rate of new coronavirus cases and hospitalizations continues to fall.

But de Blasio hammered away on the need for city residents to maintain virus mitigation efforts, saying New York needed to see further progress in minimizing the number of infected people.

The number of new coronavirus hospitalizations and percentage of people testing positive for Covid-19 in New York City have all dropped, de Blasio said at a press conference. The total number of patients in intensive care has also fallen in recent days, he said. 

There were 835 ICU admissions in NYC Health + Hospitals on Saturday, compared with 857 ICU admissions the day before. —Dan Mangan, Berkeley Lovelace Jr., William Feuer 

New York Gov. Andrew Cuomo said the coronavirus crisis will only be solved once an effective vaccine is developed and made widely available – and it could take a year and a half to get there.

“I don’t think ultimate resolution comes until you have a vaccine,” Cuomo said during a call-in appearance on infamous shock jock Howard Stern’s radio show.

“Where someone can say to you, ‘Don’t worry, Howard, there’s a vaccine, you take this, you never get it, it’s a non-issue,'” then the virus will finally be resolved, Cuomo said. “That’s 18 months.”

Cuomo’s remarks came amid a growing debate over when the U.S. will contain the virus enough to reopen parts of the economy that have been crippled by the pandemic. —Kevin Breuninger 

Republican billionaire Ken Langone praised the health-care industry, public service workers and drug companies in the fight against the coronavirus, but bashed the news media.

In an interview Monday on CNBC’s “Squawk Box,” Langone said the media’s coverage of the Trump administration’s efforts against the outbreak is too aggressive because the country needs to be united.

 “Don’t short America,” said Langone, who is chairman of NYU Langone Medical Center, one of the nation’s premier hospitals and has given hundreds of millions of dollars to NYU’s hospital and medical school. 

From doctors and nurses to police officers and firefighters, “people are making sacrifices for the benefit of all of us. The least we can do is our part. Our part as citizens should be stay home, obey separation.” Langone said. “It is working.”

The co-founder of Home Depot and founder of investment firm Invemed Associates also lauded pharmaceutical and biotech companies for devoting all their research capabilities to trying to find a coronavirus vaccine and treatments for Covid-19. —Matthew J. Belvedere 

Amazon is hiring an additional 75,000 workers at its facilities, on top of the 100,000 new positions it created last month, the company said Monday.

In March, the company said it would hire additional warehouse and delivery workers across the country amid a surge in online shopping during the coronavirus outbreak. Since then, Amazon said it has hired more than 100,000 new employees and, as a result, is staffing up even more to help fulfill orders. 

As it continues to hire more workers, Amazon has also raised employees’ hourly pay and doubled overtime pay for warehouse workers. Through the end of April, warehouse and delivery workers can earn an additional $2 per hour in the U.S., £2 per hour in the UK, and approximately €2 per hour in many EU countries. Amazon currently pays $15 per hour or more in some areas of the U.S. for warehouse and delivery jobs. —Annie Palmer 

“Good Morning America” host George Stephanopoulos revealed Monday that he’s tested positive for the coronavirus, but has been relatively symptom-free.

The ABC newsman revealed his diagnosis on the show, telling co-host Robin Roberts that, “I feel fine.”

Stephanopoulos’ wife, Ali Wentworth, had come down with COVID-19 and tweeted that she’s “never been sicker.” Her husband has been taking care of her, their children and doing his TV job in the interim.

He said the only potential symptoms he has felt were a lower back ache that he had attributed to a hard workout, and a briefly diminished sense of smell. —Associated Press 

Stocks dipped on Monday, giving back some of the sharp gains from the previous week, as investors continued to weigh the coronavirus outlook along with a historic oil production cut.

The Dow Jones Industrial Average slid 130 points at the open, or 0.5%. The S&P 500 fell 0.5% while the Nasdaq Composite pulled back 0.4%.

The U.S. stock market had one of its biggest weekly gains ever last week. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%. —Fred Imbert

Amazon will begin to put new grocery delivery customers on a wait-list and curtail shopping hours at some Whole Foods stores to prioritize orders from existing customers buying food online during the coronavirus outbreak, the company said on Sunday.

Many shoppers recently seeking to purchase groceries from the Seattle-based ​e-commerce company found they could not place orders due to a lack of available delivery slots. Amazon said it would have to relegate all new online grocery customers to a wait-list starting Monday while working on adding capacity each week.

In recent weeks, it increased the number of Whole Foods stores offering grocery pickup ​to more than 150 locations, up from 80 previously.

Amazon ​also plans to shorten some Whole Foods stores’ hours for the public so its employees can more quickly fulfill online grocery orders, the company said. —Reuters 

Billionaire entrepreneur Mark Cuban said the recently launched small business loan program has been beset by challenges that could impact the long-term outlook for companies.

“Banks are playing themselves. They’re being banks and they’re trying to determine if the credits are good and that’s leading to a lot of small businesses that are left out in the cold,” Cuban said on “Squawk Box.” “We are at an inflection point” to get money into the system for businesses of all sizes, he said.

Cuban said some banks have questioned a company’s gross margin and were therefore uncertain about making loans.

Cuban said banks have “implemented all these hurdles” that were not supposed to be a part of the program, which was established by the government’s $2 trillion coronavirus relief package that was passed in late March. 

“Until we get through that friction, there’s going to be a lot of issues and there’s going to be a lot of people laid off and a lot of companies that go out of business,” he added. —Kevin Stankiewicz

U.S. President Donald Trump retweeted a call to fire Dr. Anthony Fauci after the nation’s top expert on infectious diseases said lives could have been saved if the country had shut down sooner during the novel coronavirus outbreak.

Trump retweeted a message Sunday from a former Republican congressional candidate who cited Fauci’s comments during a television interview on Sunday and tweeted “time to #FireFauci.”

The Republican president in the past has repeated critical tweets of officials or enemies rather than make the criticism himself. The retweet fueled speculation Trump was running out of patience with the popular scientist and could conceivably fire him. The White House did not immediately return a request for comment on whether Trump is unhappy with Fauci.

Fauci was asked on CNN’s “State of the Union” about a New York Times report documenting early warnings issued to the White House about the novel coronavirus. The scientist acknowledged shutting the country down sooner could have saved lives, but cautioned that a number of factors were involved.

“Obviously, it would have been nice if we had a better head start, but I don’t think you could say that we are where we are right now because of one factor,” Fauci said. “It’s very complicated.” —Reuters

The World Health Organization has come under intense scrutiny for its handling of the coronavirus pandemic with President Donald Trump’s administration, China and Taiwan locked in a tussle of words.

Last week, Trump blamed the WHO for getting “every aspect” of the coronavirus pandemic wrong and threatened to withhold funding from the international organization. He also said on Twitter that the WHO is “China centric” even though the organization is largely funded by the U.S.

The latter comment echoes many of the top critiques of the WHO, such as too readily trusting information reported by China. 

Chinese foreign ministry spokesman Zhao Lijian defended the WHO, saying it has been “actively performing its duties and upholding an objective, science-based and impartial position.”—Huileng Tan

Spain has reported 3,477 new coronavirus cases and a daily rise of 517 deaths, bringing the total number of fatalities to 17,489, the country’s health ministry said. The number of daily deaths has fallen; the death toll the previous day was 619.

The total number of confirmed cases in Spain has now reached 169,496 (including deaths and recoveries). Spain has started to lift certain restrictions, reopening some construction sites and factories. —Holly Ellyatt

Indonesia announced 316 new cases, bringing the tally of infections in the country to 4,557. That’s according to data provided by a health ministry official, Achmad Yurianto.

Twenty-six new coronavirus-related deaths were reported Monday, taking the total number to 399. —Holly Ellyatt

Russia reported 2,558 new infections, a record daily rise that brings the total number of infections to 18,328, the country’s coronavirus response center said. Russia has reported 148 deaths from the virus. It says it has conducted 1.3 million tests. —Holly Ellyatt

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Russia reports record daily rise in new cases; Spain lifts some restrictions.