May 2020 Live Updates for Taxpayers and Small Business Owners


May 2020 Live Updates and News

May 2020 Economic News, May Economic 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

Forbes: Mayday For PPP Borrowers – Having To Choose Between Possible Insolvency Or Risking Criminal Prosecution

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

CNBC: Stimulus checks have been sent to dead people. Now the IRS has released instructions for how to return the money

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

Newsweek: 54 Percent of Americans Want to Work Remote Regularly After Coronavirus Pandemic Ends, New Poll Shows

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

For more information, call Alex Franch at 781.789.7200. WorthTax has locations in Norwell, Dedham, and Weymouth, Massachussetts.
Alex Franch

Mr. Franch is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Mr. Franch is an Enrolled Agent and has eight years of tax preparation experience. He has been serving individuals, families, and businesses for several years with tax and financial planning strategies and is a junior partner with the firm. Mr. Franch is licensed by the Financial Industry Regulatory Authority (FINRA) with a Series 6, 63, 65, and 7, and by the Commonwealth of Massachusetts Division of Insurance.