FOLLOW US

  • facebook
  • twitter
Tue

March 10, 2026

America August 3, 2020

Layoffs on the rise as PPP funds are used up

America ı By Jacob Wolinsky

1,188 0 Comments

American Airlines, Nike, several casinos along the Las Vegas Strip, LinkedIn, numerous retailers, Bridgewater and Schlumberger all have one thing in common. All have announced upcoming layoffs, and they're not the only ones cutting jobs. The list of businesses that are laying workers off is growing rapidly as the pandemic continues to take its toll. The Paycheck Protection Program stemmed the tide of layoffs, but only temporarily. The sweeping wave of job cuts is about to come roaring back now that most businesses have used up the funds. Here are some of the major companies that have announced layoffs over the last month or so.

Casinos

Several Las Vegas casinos are the newest additions to the list of companies that have announced layoffs. MGM notified a "large majority" of employees in its entertainment and sports divisions that they will lose their jobs effective Aug. 31. The company hopes to rehire the workers, who had been furloughed already. Wynn Resorts, Circus Circus and Penn National Gaming have also announced job cuts and furloughs.

Travel

The travel industry has been especially hit hard by the coronavirus pandemic. As part of their bailout package, airlines have been required to keep employees on the payroll until Oct. 1. However, several airlines have announced layoffs that will start when the protected period under the bailout package ends. American Airlines has said it will have to lay off as many as 25,000 workers or nearly 20% of its workforce after Oct. 1. United Airlines is following suit with up to 36,000 job cuts due to the coronavirus pandemic. Southwest Airlines is going a different route by offering extended leave and exit packages to its employees. Nearly 30% of its workforce had taken the deals as of July 20. Contractors that do business on their airplanes have already been laying off workers. In fact, many companies laid off employees and then took bailout funds from the Paycheck Protection Program, prompting questions about what they're doing with all those funds, which are based on last year's payroll, after they have already let workers go. In addition to airlines and their contractors, ride-sharing giants Uber and Lyft and hotel chains Hilton and Marriott have announced furloughs.

Retailers

Numerous retailers have also been hit hard by the coronavirus pandemic with many being forced to close their stores temporarily. However, many of those temporary closures are becoming permanent. For example, J.C. Penney filed for bankruptcy in May and announced it will permanently close 152 stores and cut 1,000 positions in corporate and field management. Tailored Brands, which owns Jos. A. Bank and Men's Wearhouse, plans to cut 20% of its workforce and close 500 stores.
12

Previous Article

ExxonMobil reports record-breaking losses, cites COVID-19

Read More
Jacob Wolinsky
7 Posts

Jacob Wolinsky

Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver.

Don’t Miss It
Arizona December 12, 2024
Arizona Bar Opens Investigation on Attorney Aaron Kelly
By – Paul O'Neal
Arizona January 11, 2025
Kelly Warner Law Firm Blames USA Herald for Arizona Bar Investigation

In what appears as a desperate attempt to defend multiple allegations of fraud on the courts, the Kelly Warner Law…

By – USA Herald
Arizona January 4, 2025
Aaron Kelly Law Firm Resorts To Attacking Former Client Again On KellyWarnerLaw.com – Pattern Recognized

Attorney Aaron Kelly and his law partner Daniel Warner are currently under investigation by the Arizona Bar for legal misconduct.…

By – Jeff Watterson
Arizona December 12, 2024
Arizona Bar Opens Investigation on Attorney Aaron Kelly

USA Herald recently reported on a developing story involving Attorneys Daniel Warner and Aaron Kelly. Both Warner and Kelly have…

By – Paul O'Neal
America March 9, 2026
Paramount President PR $150M Lawsuit Sparks Explosive Allegations

A lawsuit demanding $150 million has erupted against the president of a major Hollywood studio division, pulling back the curtain…

By – Rachel Moore
America March 9, 2026
SpaceX’s Starship V3 Test Delayed as NASA Pushes Faster Lunar Lander Development

The countdown clock has shifted again for SpaceX’s Starship V3 test, as the company delays the first launch of its…

By – Rachel Moore
America March 9, 2026
AR-15 Rihanna Home Attack: Armed Suspect Fires Shots at Singer’s Beverly Hills Residence

Authorities are investigating a frightening incident now widely described as the AR-15 Rihanna home attack, after a Florida woman allegedly…

By – Rachel Moore
America March 9, 2026
Live Nation DOJ Antitrust Fight Settlement Ends High-Stakes Court Battle

The music industry’s biggest antitrust showdown has come to a sudden halt as a Live Nation DOJ antitrust fight settlement…

By – Rachel Moore
America March 9, 2026
Pentagon-Anthropic AI Dispute Explodes Into Federal Lawsuits Over AI Safety Policies

A fierce clash at the crossroads of technology, national security, and free speech has erupted in Washington, as the Pentagon-Anthropic…

By – Rachel Moore
America March 9, 2026
G7 Oil Reserve Release Considered as Iran War Disrupts Global Energy Supply

A sudden shock to the world’s oil arteries has pushed major economies toward an emergency response, with a potential G7…

By – Rihem Akkouche
America March 9, 2026
Paramount President PR $150M Lawsuit Sparks Explosive Allegations

A lawsuit demanding $150 million has erupted against the president of a major Hollywood studio division, pulling back the curtain…

By – Rachel Moore
America March 9, 2026
SpaceX’s Starship V3 Test Delayed as NASA Pushes Faster Lunar Lander Development

The countdown clock has shifted again for SpaceX’s Starship V3 test, as the company delays the first launch of its…

By – Rachel Moore
America March 9, 2026
AR-15 Rihanna Home Attack: Armed Suspect Fires Shots at Singer’s Beverly Hills Residence

Authorities are investigating a frightening incident now widely described as the AR-15 Rihanna home attack, after a Florida woman allegedly…

By – Rachel Moore
America March 9, 2026
Live Nation DOJ Antitrust Fight Settlement Ends High-Stakes Court Battle

The music industry’s biggest antitrust showdown has come to a sudden halt as a Live Nation DOJ antitrust fight settlement…

By – Rachel Moore
America March 9, 2026
Pentagon-Anthropic AI Dispute Explodes Into Federal Lawsuits Over AI Safety Policies

A fierce clash at the crossroads of technology, national security, and free speech has erupted in Washington, as the Pentagon-Anthropic…

By – Rachel Moore
America March 9, 2026
G7 Oil Reserve Release Considered as Iran War Disrupts Global Energy Supply

A sudden shock to the world’s oil arteries has pushed major economies toward an emergency response, with a potential G7…

By – Rihem Akkouche
America March 9, 2026
Paramount President PR $150M Lawsuit Sparks Explosive Allegations

A lawsuit demanding $150 million has erupted against the president of a major Hollywood studio division, pulling back the curtain…

By – Rachel Moore
America March 9, 2026
SpaceX’s Starship V3 Test Delayed as NASA Pushes Faster Lunar Lander Development

The countdown clock has shifted again for SpaceX’s Starship V3 test, as the company delays the first launch of its…

By – Rachel Moore
America March 9, 2026
AR-15 Rihanna Home Attack: Armed Suspect Fires Shots at Singer’s Beverly Hills Residence

Authorities are investigating a frightening incident now widely described as the AR-15 Rihanna home attack, after a Florida woman allegedly…

By – Rachel Moore
America March 9, 2026
Live Nation DOJ Antitrust Fight Settlement Ends High-Stakes Court Battle

The music industry’s biggest antitrust showdown has come to a sudden halt as a Live Nation DOJ antitrust fight settlement…

By – Rachel Moore
America March 9, 2026
Pentagon-Anthropic AI Dispute Explodes Into Federal Lawsuits Over AI Safety Policies

A fierce clash at the crossroads of technology, national security, and free speech has erupted in Washington, as the Pentagon-Anthropic…

By – Rachel Moore
America March 9, 2026
G7 Oil Reserve Release Considered as Iran War Disrupts Global Energy Supply

A sudden shock to the world’s oil arteries has pushed major economies toward an emergency response, with a potential G7…

By – Rihem Akkouche
America March 8, 2026
The Northern Lights Return

The Northern Lights have a chance to be visible from several northern U.S. states on Tuesday night, forecasters at the…

By – Jackie Allen
America March 8, 2026
February Unemployment Up as Job Losses Surprise Economists

February Unemployment Up as the latest labor market data revealed weaker-than-expected job growth and a slight increase in the national…

By – Jackie Allen
America March 8, 2026
Late-Night Attack by Venezuelan National at Florida Beach

A Late-night attack by a Venezuelan National has left a Florida community shaken after authorities say a 26-year-old man ambushed…

By – Jackie Allen
America March 8, 2026
Trump’s War in Iran: Congress Confronts Escalation After U.S. Strikes

Trump’s War in Iran  was triggered open conflict, casualties, and renewed constitutional debate in Washington. The crisis intensified following reports…

By – Jackie Allen
America February 28, 2026
U.S. And Israel Launch Major Strikes On Iran — What It Means For America

TEHRAN, Iran – In a dramatic escalation of global tensions, the United States and Israel launched coordinated military strikes against Iran…

By – Samuel Lopez
America February 26, 2026
U.S. Court of Appeals for the Ninth Circuit Overturns $8M Asbestos Verdict Against BNSF Railway Co.

The U.S. Court of Appeals for the Ninth Circuit has thrown out an $8 million jury verdict against BNSF Railway…

By – Tyler Brooks
America March 9, 2026
Paramount President PR $150M Lawsuit Sparks Explosive Allegations

A lawsuit demanding $150 million has erupted against the president of a major Hollywood studio division, pulling back the curtain…

By – Rachel Moore
America March 9, 2026
SpaceX’s Starship V3 Test Delayed as NASA Pushes Faster Lunar Lander Development

The countdown clock has shifted again for SpaceX’s Starship V3 test, as the company delays the first launch of its…

By – Rachel Moore
America March 9, 2026
AR-15 Rihanna Home Attack: Armed Suspect Fires Shots at Singer’s Beverly Hills Residence

Authorities are investigating a frightening incident now widely described as the AR-15 Rihanna home attack, after a Florida woman allegedly…

By – Rachel Moore
America March 9, 2026
Live Nation DOJ Antitrust Fight Settlement Ends High-Stakes Court Battle

The music industry’s biggest antitrust showdown has come to a sudden halt as a Live Nation DOJ antitrust fight settlement…

By – Rachel Moore
America March 9, 2026
Pentagon-Anthropic AI Dispute Explodes Into Federal Lawsuits Over AI Safety Policies

A fierce clash at the crossroads of technology, national security, and free speech has erupted in Washington, as the Pentagon-Anthropic…

By – Rachel Moore
America March 9, 2026
G7 Oil Reserve Release Considered as Iran War Disrupts Global Energy Supply

A sudden shock to the world’s oil arteries has pushed major economies toward an emergency response, with a potential G7…

By – Rihem Akkouche
America February 21, 2026
When The Files Are Finally Unsealed The Most Mind-Bending Truth May Not Be What We Expect

[USA HERALD] – There is a widespread assumption that if governments release their most highly classified files related to unidentified…

By – Samuel Lopez
America February 17, 2026
Civil Rights Icon Rev. Jesse Jackson Dies at 84 As President Trump Issues Personal Tribute

[USA HERALD] — The Rev. Jesse Jackson, a towering figure of the American civil rights movement whose career spanned more than…

By – Samuel Lopez
America February 13, 2026
Clues to Savannah Guthrie Missing Mom’s Disappearance Found on Security System

The disappearance of the mother of Savannah Guthrie has taken a dramatic turn as investigators focus on digital clues tied…

By – Jackie Allen
America February 8, 2026
Mike Tyson Urges Americans to ‘Eat Real Food’ in Emotional Super Bowl Ad Highlighting Health Risks

Boxing legend Mike Tyson is using his platform ahead of Super Bowl 60 to address a personal and national health…

By – Tyler Brooks
America February 7, 2026
Deadly “Death Cap” Mushrooms in California Cause Multiple Deaths and Liver Transplants Amid Rare Super Bloom

California health officials are warning the public after four deaths and three liver transplants linked to the highly toxic death…

By – Ahmed Boughalleb
America February 7, 2026
From Migraines to Miracles: How Becca Valle Survived a Glioblastoma Diagnosis Against the Odds

Becca Valle, 41, thought her headaches were just migraines—until a sudden, unbearable pain revealed something far more serious. In September…

By – Tyler Brooks
America March 8, 2026
February Unemployment Up as Job Losses Surprise Economists

February Unemployment Up as the latest labor market data revealed weaker-than-expected job growth and a slight increase in the national…

By – Jackie Allen
America March 8, 2026
Late-Night Attack by Venezuelan National at Florida Beach

A Late-night attack by a Venezuelan National has left a Florida community shaken after authorities say a 26-year-old man ambushed…

By – Jackie Allen
America March 8, 2026
Trump’s War in Iran: Congress Confronts Escalation After U.S. Strikes

Trump’s War in Iran  was triggered open conflict, casualties, and renewed constitutional debate in Washington. The crisis intensified following reports…

By – Jackie Allen
America March 1, 2026
Cadillac Names Inaugural Formula 1 Car MAC-26 in Tribute to Mario Andretti Ahead of 2026 Australian Grand Prix Debut

Cadillac has officially revealed the name of its first Formula 1 challenger, confirming that its 2026 car will be called…

By – Ahmed Boughalleb
America February 20, 2026
Norway Tops Medal Table After Day 13 at 2026 Winter Olympics as Team USA Surges Into Second Place

With 13 days complete at the 2026 Milan Cortina Winter Olympics, Norway sits atop the overall medal standings, collecting 34…

By – Ahmed Boughalleb
America February 18, 2026
Olympic Science Explained: How Figure Skaters Spin at Blinding Speeds Without Getting Dizzy

When Amber Glenn finishes her routine, the arena usually rises with her. The music builds, her blades carve a tight…

By – Tyler Brooks

No posts found.

No posts found.

No comments No comments yet. Be the first to comment!

Signup for the USA Herald
exclusive Newsletter