California has reached a deal with several financial institutions, including four of the country's five largest banks, to provide relief to homeowners affected by the coronavirus by suspending foreclosures and delaying mortgage payments, the governor announced Wednesday.
The news comes as unemployment claims in the state are soaring.
More than one million residents have filed for unemployment insurance since March 13, Gov. Gavin Newsom says, as workers continue to struggle with job losses and reduced hours, as the state looks to slow the spread of the coronavirus.