It’s hard to imagine being paid to borrow money or penalized for saving. But the economic shock from Covid-19 may call for drastic measures. Up until this point, the Federal Reserve has never brought its benchmark rate into negative territory and, according to Federal Reserve Chairman Jerome Powell, the Fed is not considering going to negative interest rates now. “The
Personal finance
A view of new York State Department of labor office in Flushing Queens during coronavirus pandemic on April 12, 2020. (Photo by John Nacion/NurPhoto via Getty Images) NurPhoto Democrats want to give Americans larger unemployment checks until next year. Certain workers — particularly those in lower-paying industries like accommodation and food services — stand to benefit
With more than 30 million people out of work and a growing number of Americans feeling severely cash-strapped, loans are a lifeline. If you can get one. Despite rock-bottom interest rates, banks are tightening lending standards across the board, shrinking the availability of credit. “If you can get a loan, then the price of it is going
U.S. Representative, Nancy Pelosi (D-CA) at the ceremonial swearing in of Representative Elect Kweisi Mfume (D-MD). Michael Brochstein | Barcroft Media | Getty Images Fewer people itemizing Since the new tax law, significantly fewer people are claiming the SALT deduction. About 16 million taxpayers claimed the SALT deduction for the 2018 tax year, according to
US House Speaker Nancy Pelosi speaks to the press before signing the additional 484 billion dollar relief package amid the coronavirus pandemic at the US Capitol in Washington, DC, on April 23, 2020. Nicholas Kamm | AFP | Getty Images Democrats in the House of Representatives unveiled their proposal for a new stimulus package that
OJO Images | Getty Images Millions of Americans have eagerly awaited their $1,200 stimulus checks only to find that the amount they received was less than they expected. That has left them asking one question: Why me? If that’s you, brace yourself for disappointment. The IRS is now providing answers with new guidance. Here’s a
US Treasury Refund Check Thomas Winz Millions of Americans have received their federal stimulus checks in the past four weeks. The IRS has updated its data on just how much emergency relief has been sent. And it shows which states received the most money. Congress gave the green light through the Cares Act for the
U.S. President Donald Trump speaks during a meeting with Republican members of Congress in the State Dining Room at the White House in Washington, U.S., May 8, 2020. Tom Brenner | Reuters President Donald Trump is reportedly considering another way to get more money to struggling Americans by letting them take an advance on their
Richard Cordray, former director of the Consumer Financial Protection Bureau and author of “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy” Congress provided borrowers a lifeline when it passed the CARES Act. Whether it will deliver significant relief to consumers remains to be seen. The $2.2 trillion coronavirus relief bill
Robert Kneschke / EyeEm The coronavirus has devastated economies around the world and disrupted life in ways that were unimaginable just a few months ago. The world will never be the same. But at some point, industries will start coming back online and people will start going out again. We asked travel industry experts for
You might be wondering why the stock market is doing so well when you’re doing so badly. Even if you’re coasting, you likely know people who are struggling. The reality is, small-town America doesn’t go under the lens of Wall Street, says Walid Petiri, owner of Financial Management Strategies, an advisory firm in Baltimore. Certain
Chip Somodevilla | Getty Images The IRS has a clear message for families of the deceased who receive stimulus checks: Give the money back. But what about those who recently died because of Covid-19? At least 75,852 U.S. deaths have been caused by the novel coronavirus, according to the latest data from Johns Hopkins University.
People walk along Broadway as the coronavirus keeps financial markets and businesses mostly closed on May 08, 2020 in New York City. The Bureau of Labor Statistics announced on Friday that the US economy lost 20.5 million jobs in April. This is the largest decline in jobs since the government began tracking the data in
AleksandarNakic Child care in the U.S. is becoming an almost indelible problem. Even before the pandemic, families struggled to find affordable child care. Now they scramble to find any care at all. “One of the most challenging aspects for parents these last few months was how quickly schools and daycare centers closed and therefore, how
There’s no better time to think about next year’s taxes than right after you file this year. Jayme Thornton | Tooga Productions | Getty Images There’s still time to submit your bank account information to the IRS to get your $1,200 stimulus payment more quickly. But that window is closing, the IRS said on Friday.
A month-long battle with the coronavirus made it difficult for Esteban Giron and his husband to pay their $990 rent. ”I was so sick I could barely walk to the bathroom,” Giron, 41, said. He’s lived in his apartment in Crown Heights, Brooklyn, for over seven years, and if he had to move out, it would be
A driver adjusts his face mask as Uber and Lyft drivers with Rideshare Drivers United and the Transport Workers Union of America conduct a ‘caravan protest’ outside the California Labor Commissioner’s office amidst the coronavirus pandemic on April 16, 2020 in Los Angeles, California. (Photo by Mario Tama/Getty Images) Mario Tama Self-employed workers trying to
US President Donald Trump speaks about COVID-19, known as coronavirus, after signing a Proclamation in honor of National Nurses Day in the Oval Office of the White House in Washington, DC, May 6, 2020. Saul Loeb | AFP | Getty Images The White House is weighing a second Tax Day delay, according to NBC News.
As the financial strain on the families of college students worsens, there’s one measure few schools have considered until now. A number of colleges are freezing tuition in hopes of attracting more students and families struggling with the weight of a higher-education tab. In the face of Covid-19, the College of William & Mary said it
Design of modern architecture. Top view from the bottom. Modern city architecture. Oleksandr Amid the coronavirus pandemic, renters in many states are protected by a temporary moratorium on evictions. However, the rules leave tenants across the country with a lot of unanswered questions. For example, can a landlord evict you as soon as the relief