While government aid initiatives like the Paycheck Protection Program have helped small businesses, frustrations are mounting on Main Street due to a lack of guidance from the Small Business Administration on loan forgiveness and how to use the funds appropriately to avoid being on the hook for repayment, a new survey shows. As the Covid-19
Month: May 2020
TOPLINE With the coronavirus causing unprecedented financial disruptions and a major shift in consumer spending, some retailers are seeing sales surge amid heightened demand but also face higher costs. Here’s what happened to major retailers in the first quarter during wide scale economic shutdowns. Retailers have seen higher demand, with online sales booming, but also
Office – documents, ring binders, laptop, pen and calculator Getty More businesses are beginning to accept cryptocurrencies, including stablecoins, as a form of payment in addition to more traditional methods such as cash and credit card. Properly accounting for these transactions in GAAP financial statements is an emerging area as this trend continues. The Financial
Getty Sure, mortgages today are historically cheap, but that doesn’t mean you’re going to land a great deal: Getting a mortgage isn’t as easy as it used to be. Indeed, mortgage rates have fallen to all-time lows. Freddie Mac’s weekly rate survey for the second week of May found that interest rates on 30-year mortgages
Scientists in Singapore are developing a vaccine for the coronavirus, with hopes that early-stage clinical trials could come as soon as next month, according to a professor at Duke-NUS Medical School. Researchers at Duke-NUS Medical School are currently working on a vaccine which will be similar to the one that biotechnology firm Moderna is developing,
With the coronavirus shutdown keeping so many at home, people are playing a lot of video games these days. That captive audience has been a huge boost for Take-Two Interactive, which closed at an all-time high on Tuesday and is trading even higher ahead of Wednesday afternoon’s earnings report. The publisher of leading sports franchises such
It may be time to explore contrarian plays. Wells Fargo Securities’ Christopher Harvey is telling investors the best opportunities are in the hardest hit parts of the stock market. He believes the potential rewards outweigh the risks. “Start adding cyclicality. Start adding value. Start adding risk,” the firm’s head of equity strategy told CNBC’s “Trading
We’ve all been looking for new ways to stay productive lately, particularly when it comes to work. Whether laid off, furloughed or adapting to new ways of working, more and more of us are spending time honing our skills as we adapt to the fast-changing jobs market. That has caused demand for online learning to
Richard Branson’s Virgin Orbit, with a rocket under the wing of a modified Boeing 747 jetliner, takes off for a key drop test of its high-altitude launch system for satellites from Mojave, California, July 10, 2019. Mike Blake | Reuters Sir Richard Branson‘s Virgin Orbit is set to conduct its first orbital rocket launch as
Tom Werner Next year, the IRS will allow people to put away even more money in health savings accounts, a tax-advantaged account you can use for medical expenses. Health savings accounts work alongside high deductible health plans. You can save money on a pretax or tax-deductible basis, have it grow tax free and then use
Navigating the economic fallout from the coronavirus pandemic has not been easy for small businesses. Fashion designer Rebecca Minkoff is no exception. “It’s the longest, most exhausting days of my life,” said Minkoff, 39, and the co-founder and creative director of her own fashion line. “I want to scream a lot, but I have to stay
It’s worth your time to develop a solid plan for generating retirement income from your savings. Getty A few recent articles have somberly pronounced that the so-called “four percent rule” is dead, a victim of low interest rates, stock market volatility, high stock valuations, and longer lifespans. For those of you unfamiliar with the term,
Banks are grabbing a couple of billion that was meant for accountants and others who helped business people sort out the complexity of the Paycheck Protection Program. I spoke with Michael Adler of GrayLaw Group, Inc who has started the ball rolling on a class action law suit. There are 19 lawyers involved including the
REBNY President James Whelan called the loss of tax revenue “alarming.” joSonwww.josonphoto.com New York State lost $139 million in tax revenue generated by a combination of residential and commercial real estate sales between March and April of this year and $72 million last month compared to April of 2019, a new report from the Real
An employee tends to marijuana plants at the Aurora Cannabis Inc. facility in Edmonton, Alberta, Canada, on Tuesday, March 6, 2018. Jason Franson | Bloomberg | Getty Images Aurora Cannabis has agreed to buy U.S.-based CBD company Reliva, giving the struggling Canadian company a business foothold in America. Shares of Aurora closed off nearly 13% ahead
Lowe’s shares jumped Wednesday after the company reported better-than-expected earnings. Share prices rose more than 7% at during premarket trading, but shed gains after the open, trading up less than 1% in early trading. Here’s what Lowe’s reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Earnings per
Lowe’s announced Wednesday that it would assist minority-owned businesses with $25 million in grants to support efforts to relaunch the American economy. Lowe’s is dishing out the funds to help small businesses, especially home improvement professionals, in need of masks, personal protective equipment and other supplies to operate safely. The new funds follow $340 million of
On Friday, President Donald Trump announced a “massive scientific, industrial, and logistical endeavor” called “Operation Warp Speed,” to find, manufacture and distribute a proven vaccine against Covid-19, hopefully before the end of the year. To achieve this “great national project,” as Trump called it, will take a collaboration of American businesses, scientists, the federal government
Ricky Sandler, founder and chief executive officer of Eminence Capital LP, speaks during a Bloomberg Television interview at the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 1, 2018. Patrick T. Fallon | Bloomberg | Getty Images A hedge fund chief who had a bullish view of the stock market when
ozgurcankaya People short on cash could use a tax refund, yet millions of households continue to sit on last year’s tax returns. The taxman received 128.2 million individual income tax returns as of May 8, reflecting a 9.4% decline from a year ago, according to IRS data. At this time last year, 141.5 million taxpayers
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