More than 13,000 Maryland hotel employees out of work amid coronavirus pandemic

More than 13,000 Maryland hotel workers have lost their jobs as the coronavirus pandemic continues to sweep through the state, disrupting travel and nearly every other facet of daily life. Nationwide, the American Hotel Lodging Association projects that 44% of hotel employees are out of work or will lose their jobs in the weeks to come. The industry lobbying group released data on job losses this week, including statistics for Maryland. (Balt Bus Journal)

Read Full Article

Coronavirus Latest: Ellicott City DJ Kopec Hosts Virtual Charity Event To Collect Food For Those In Need

A local DJ in Ellicott City is working to help those impacted by the coronavirus pandemic. DJ Kopec has made good on a promise to donate food to those in need. Kopec hosted a live performance on Facebook last night, all from his basement. Holly Poultry promised to donate 1 lbs. of chicken to the United Way to distribute for each person that tuned in. (WJZ-TV)

Read Full Article

Already struggling, Harborplace won't get some rent payments during COVID-19 crisis

The Cheesecake Factory — one of the few remaining anchors at Harborplace — issued a bleak forecast to property owners this week: Don't expect a rent payment. Owners of the large national chain sent a letter to all of its landlords advising that the company would not make any April rent payments because of lost revenues in March due to the COVID-19 pandemic. At Harborplace, they are not alone. (Balt Bus Journal)

Read Full Article

Under Armour faces coronavirus cash crunch, borrows $700M

Under Armour Inc. disclosed Thursday that it has borrowed $700 million to ease a lack of liquidity caused by the COVID-19 pandemic. Baltimore-based Under Armour said in a federal filing that it borrowed the money between March 13 and March 20. The sportswear maker described the move as "a precautionary measure in order to increase its cash position and preserve liquidity given the uncertainty in global markets resulting from the COVID-19 outbreak." (Balt Bus Journal)

Read Full Article

42,000 Marylanders filed unemployment claims last week — a nearly 1,000% increase

The number of Marylanders applying for unemployment benefits amid the rapidly evolving COVID-19 pandemic is "unprecedented," according to Gov. Larry Hogan. Data from the state's Department of Labor illustrates a sharp rise in filings for unemployment insurance — more than 42,000 in the week ending March 21 compared to less than 4,000 in the previous week. That's a nearly 1,000% increase. (Delmarva)

Read Full Article

Bethesda biotech switches gears to treat COVID-19 patients with immunotherapy

A young Bethesda biotech that licenses its drug delivery system to other companies is taking its technology to the COVID-19 arena — and pivoting to try to make its own treatment for the disease. PepVax Inc. is developing an immunotherapy and vaccine, to both help patients suffering from the illness and protect healthy people from contracting it. It’s hitting the pause button for now on its breast cancer candidate, because of limited resources and funding, said PepVax President and CEO Mahesh Narayanan. And it’s searching for funds to get this novel coronavirus program moving. (Wash Bus Journal)

Read Full Article

Md. life sciences firm halts U.S. commercial sales as COVID-19 threatens business

Senseonics Holdings Inc. (NYSE: SENS) has put the red light on commercial sales in the U.S., just days after announcing a strategic review of the business. The Germantown company reported the move in a Securities and Exchange Commission filing Thursday, as it considers the coronavirus pandemic’s impact on its access to doctors’ offices and medical facilities. The suspension, effective immediately, means Senseonics won’t sell its 90-day implantable continuous glucose-monitoring (CGM) system to new diabetes patients and physician practices. (Wash Bus Journal)

Read Full Article

This local construction firm was able to hand out bonuses this week, not layoffs. Here's how.

Mike Crim has been saving money, taking only a base salary and preparing his company for a potential economic downturn for about five years. Now, he's seeing those efforts pay off in a time when other companies fear they won't be able to survive the economic drop-off from the recent novel coronavirus pandemic. (Balt Bus Journal)

Read Full Article