What Fashion Brands Need to Know About the Stimulus Package, What’s Selling Right Now
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What Fashion Brands Need to Know About the Stimulus Package (Business of Fashion)
“Under the bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is expected to deliver about $349 billion of loans and grants to the Small Business Administration, for which thousands of brands and businesses in the fashion industry would qualify. An additional $500 billion will be set aside for larger corporations,” writes Business of Fashion. “These short-term loans are designed to help companies […] to cover payroll, rent, utilities and any debt payment due during this time of uncertainty. Any business with 500 or fewer employees is eligible. The maximum loan amount is $10 million, and interest rates are capped at 4 percent. Businesses are required to repay these loans after a year, but some portions will be completely forgiven, depending on how companies use the cash.”
What Beauty and Wellness Products Are Selling Right Now (WWD)
As the coronavirus crisis rages on, some beauty and wellness companies are experiencing huge spikes in the sales of certain products: CBD (everyone’s anxious), nail-care products (nail salons are closed), sexual wellness products (gotta stay active!), skincare tools and treatments (be your own spa), home hair color (sales of clippers are up, too), and, of course, immunity-boosting supplements (not that they will actually stop you from contracting the virus or cure you if you have it).
Meghan and Harry Have Moved to LA (People)
The couple had been staying in a home on Vancouver Island in Canada with their 10-month-old son Archie, but have now settled into a place in Los Angeles, Meghan’s hometown. Meghan’s first post-royal gig was also announced yesterday — she will provide the narration for the upcoming Disneynature documentary, Elephants, which will stream on Disney+ April 3.
Tesla and Dyson Are Making Venitlators (Hypebeast)
Elon Musk is reopening Tesla’s Gigafactory in Buffalo, New York to produce ventilators for COVID-19 patients. Dyson, too, is making ventilators. Having designed a new one in the last 10 days, the company has received an order from the UK government for 10,000, according to CNN Business. James Dyson, the company’s founder, has also pledged to donate an additional 5,000 ventilators internationally.