May 2020 Live Updates and News
The world continues to shift with all the economic changes and fallout of COVID-19 outbreak. This is hitting people personally and professionally. Businesses are prematurely opening without authorization of the states govenor. It can feel like madness. Therefore, we are here to help our tax and small business clients keep up with the latest economic news that affects us all daily. Here are May 2020 live updates and news to so you are in the loop.
Here is some of the important news to keep up with today:
May 12, 2020 Economic News
The Hill: Boeing chief: Major airline will ‘most likely’ fold in next few months
Forbes: Yes, Your Extra $600 In Unemployment Is Taxable Income
CBS News: 20 million Americans still waiting for their stimulus checks
Politico: Pro chefs explain what the food industry needs to survive
Bloomberg: Small Firms Join Rush to Return Loans After Rules Revisions
May 11, 2020 Economic News
CNBC: American companies spent years in an economic boom. Then the coronavirus hit
The New York Times: The Airline Business Is Terrible. It Will Probably Get Even Worse.
Forbes: Here’s How The Coronavirus Recession Compares To The Great Recession
Vox: Actual unemployment could be at peak Great Depression levels, say White House advisers
USA Today: Small businesses face rise of ‘friendly fraud’
May 10, 2020 Economic News
The Hill: Officials warn of worsening economic woes after dismal April jobs report
CNBC: Hardest-hit industries: Nearly half the leisure and hospitality jobs were lost in April
Fast Company: Hotel bookings plummet more than 85% as the travel industry faces an existential crisis
May 9, 2020 Economic News
CNBC: IRS sets May 13 deadline to submit direct deposit information for stimulus checks
The Hill: Democrats rally behind monthly $2,000 relief checks
Vox: Government loans meant to bail out small businesses could become a financial burden themselves
Politico: Cannabis employees are in high demand during economic crash
CNBC: It pays to stay unemployed. That might be a good thing
May 8, 2020 Economic News
CNN: Record 20.5 million American jobs lost in April. Unemployment rate soars to 14.7%
Politico: California faces $54B budget deficit
The Hill: Tech firms emerge as big winners in new COVID-19 economy
CNBC: White House weighs pushing tax deadline back to Sept. 15
The New York Times: Neiman Marcus, a Symbol of Luxury, Files for Bankruptcy
May 7, 2020 Economic News
CNBC: US weekly jobless claims total 3.169 million, bringing seven-week tally to 33.5 million
ABC News: Airfares could rise 50% with onboard social distancing, industry group warns
Forbes: PPP Borrowers And False Certifications: SBA Extends Amnesty Under Safe Harbor
The Washington Post: SBA slashes disaster-loan limit from $2 million to $150,000, shuts out nearly all new applicants
Bloomberg: U.S. Consumer Comfort Sinks for Seventh Week on Finances Views
May 6, 2020 Economic News
Forbes: Congressional Leaders Tell Treasury That PPP Borrowers Should Be Entitled To Deductions
The Hill: DOJ investigating possible fraud in small business relief program
Bloomberg: U.S. Companies Cut a Record 20.2 Million Jobs, ADP Says
Journal of Accountancy: SBA issues PPP guidance on laid-off employees who refuse to be rehired
CNBC: This tax break is up in the air for employers who furloughed workers
May 5, 2020 Economic News
The Hill: Half of new small-business loan funds allotted in first week
Bloomberg: It’s Only May, But Christmas Is Already in Doubt
CBS News: Gold’s Gym files for bankruptcy after blow from coronavirus pandemic
Politico: USDA to buy $470M of produce, dairy and seafood
CNBC: Consumer debt hits new record of $14.3 trillion
May 4, 2020 Economic News
The Hill: Obstacles mount for deal on next coronavirus bill
Forbes: Macy’s, Costco, Trader Joe’s, Zappos Approaching Return Of Retail From Many Angles
NBC News: What states are reopening? See where lockdowns have been lifted in each state.
Fast Company: No face mask? No Uber for you
CNBC: As traditional college campuses shut down, online schools get their chance to shine
May 3, 2020 Economic News
The Hill: Retail chains face uphill battle getting shoppers back in stores
USA Today: Besides millions of layoffs and plunging GDP, here’s another worry for economy: Falling prices
Bloomberg: U.S. Economy Poised to Mirror the Post-WWII Glory
CNBC: As coronavirus pandemic pushes more grocery shoppers online, stores struggle to keep up with demand
May 2, 2020 Economic News
The Daily Beast: Another Thing the Virus Could Kill: More Than 1,000 Colleges and Universities
The Hill: Small businesses face big decisions on reopening
Forbes: 10 Things Freelancers Can Do To Weather The Coronavirus
The New York Times: #CancelRent Is New Rallying Cry for Tenants. Landlords Are Alarmed.
CNBC: These business owners couldn’t get a forgivable loan at first. Then it was easy.
May 1, 2020 Economic News
The Hill: IRS: Companies who receive PPP loans will not qualify for tax deductions
CNBC: Wells Fargo will no longer accept applications for home equity lines of credit
Politico: Justice Department launches probe of small business loans
Forbes: Here’s A Look At The Impact Of Coronavirus (COVID-19) On Colleges And Universities In The U.S.
Entrepreneur: To Survive the COVID-19 Crisis, You Have to Think Long-Term
