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Wednesday's Daily Pulse
What you need to know about Florida today
Banks set aside billions, bracing for more economic pain
With infections hitting records in Florida, Texas and California, three of the nation’s biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The trillions of dollars in economic support passed in April to keep Americans and businesses afloat is now mostly running out. Enhanced unemployment benefits expire at the end of the month unless Congress acts, and at this point many consumers are upward of 90 days past due on debts. [Source: AP]
Florida Trend Exclusive
Nadine Smith is a Florida Icon
"I believe Florida can become a leader in human rights, not a state that has to be dragged forward," says Nadine Smith. She tells Florida Trend: My dad would say: ‘Don’t ever think you’re better than anybody else, and don’t you ever let anyone make you think they’re better than you.’ [Source: Florida Trend]
Justices order more arguments on medical marijuana law
In a highly unusual move, the Florida Supreme Court on Tuesday ordered a second round of arguments in a battle about whether the state has properly carried out a 2016 constitutional amendment that broadly legalized medical marijuana. Justices heard arguments in May in a lawsuit filed by Florigrown, a Tampa-based firm that has challenged the constitutionality of a 2017 law that was designed to carry out the constitutional amendment. The case centers on parts of the law related to the licensing of companies to operate in the medical-marijuana industry. [Source: News Service of Florida]
AutoNation’s Cheryl Miller won’t return as CEO following medical leave
Cheryl Miller, who made history last year when she was appointed as the nation’s first female chief executive of a publicly traded auto retail company, announced she will not return to AutoNation after being on medical leave since April. Miller resigned from the Fort Lauderdale-based company, including its board of directors, effective Tuesday. [Source: South Florida Sun-Sentinel]
Related Florida Trend Content:
» Power Steering: Cheryl Miller, AutoNation's CEO
KFC closes company-owned dining rooms in Florida because of coronavirus
KFC is closing down its company-owned dining rooms in Florida as the restaurant industry continues to adjust to the growing number of coronavirus cases in the state. “Due to the continued escalation of COVID-19 cases in Florida, we have taken the step to close dining rooms in our 40 corporate-owned restaurants there,” the company said in a statement. [Source: Orlando Sentinel]
ALSO AROUND FLORIDA:
› Telescope Health to bring COVID-19 testing to Jacksonville beaches
The mayors of Neptune, Atlantic and Jacksonville beaches have partnered with Telescope Health to bring the first COVID testing location in the Beaches. The expansion arrives during an unprecedented surge in new cases statewide, as officials stress the importance of widespread testing to combat the spread of coronavirus.
› Florida lender funds nearly 2,000 PPP loans, opens three branches during pandemic
Suncoast Credit Union has been busier than ever during the coronavirus pandemic, opening three new branches and funding more than 1,900 Paycheck Protection Program loans, totaling $49.5 million. According to a press release, the majority of the Tampa-based lender’s PPP loans were made to small businesses. Its average loan size, as of June 30, was $25,000, while the national average was $49,487.
› Orange County Convention Center slashes rent by more than 90% for AAU volleyball tournament
To preserve an amateur volleyball tournament amid a coronavirus pandemic that has devastated the region’s tourism industry, Orange County cut the rental fee for its convention center by more than 90 percent and agreed to refund more than $60,000 worth of deposits, according to the contract for the event that formally began Tuesday.
› Busch Gardens brings back fireworks, food fest for Summer Nights
Starting this weekend, Busch Gardens will have a new laser and fireworks show, as well as a lineup of “seasonal eats,” as part of Summer Nights, the annual summer party held weekends at the Tampa theme park. There will be extended hours, with the park open until 10 p.m. Fridays and Saturdays and until 9 p.m. Sundays from July 17 to Aug. 16.
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