Latest COVID-19 Economic News for Taxpayers and Small Business Owners


Worthtax Has the Latest COVID-19 Economic News

corvid-19, economic news, coronavirus

As the whole world grapples with the personal, professional, and economic fallout of the COVID-19 outbreak, we want to help our tax and small business clients stay up-to-date on the latest news that affects them each day. Keep checking back because we will keep informing you of the top headlines.

There’s a Meme for That!

We have all seen the endless memes that offers those little quips of information. We believe your need the whole story. Therefore, we though and put together a list of articles will help you to track the latest information on how the Coronavirus is affecting your business and you personally. After all, we would rather not mask the issue.

Here is some of the important economic news to keep up with today:

May 2020 Covid-19 Economic News to Keep You Up-to-Date

May 4 

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

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

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

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

April 2020 Covid-19 Economic News Articles

April 30 

Bloomberg: Job Losses Deepen in Pandemic With U.S. Tally Topping 30 Million

The Wall Street Journal: Stimulus Checks Sent to Dead Relatives Should Be Returned, Mnuchin Says

CNBC: Big banks temporarily shut out of small business loan portal, Treasury and SBA announce

The Washington Post: How the pandemic consumed the labor market

Fast Company: An epidemiologist on what steps to take if you are preparing to reopen your business

April 29

The Hill: US economy contracts at 4.8 percent rate, most since Great Recession

Business Insider: Award-winning chef Andrew Zimmern says restaurants are facing a near-extinction event and pinpoints the real problems in America’s supply chain

CNBC: Nearly half the global workforce at risk of losing income due to the coronavirus, warns UN labor agency

Forbes: 11 Tax Tips For The Unemployed During The COVID-19 Pandemic

CBS News: Trump invokes Defense Production Act to keep meat processing plants open amid coronavirus crisis

The Hill: Half of Americans say they or someone in their household has been financially impacted by the pandemic: poll

April 28

Politico: Mnuchin warns big companies of criminal penalties over small business loans

Los Angeles Times: Having trouble with the IRS site? Try all caps — yes, really

CNN: Glitches hamper second round of small business loan funding

The Hill: Poll: Almost 9 in 10 concerned about economic collapse

CNBC: Food banks are closing and losing their workforce because of the coronavirus

April 27

The Hill: Small business coronavirus loan program reopens under crush of demand

CNBC: Small essential businesses are grateful to remain open during coronavirus, but running a small business during a pandemic proves challenging

Forbes: Need A Loan Now That The Paycheck Protection Program Is Running Again? Try These Nonbank Lenders

The New York Times: The Tax-Break Bonanza Inside the Economic Rescue Package

CNBC: Public companies took far more small business loans than first thought — here’s the latest tally

The Hill: US capping how much banks can lend as part of coronavirus emergency program

April 26

Entrepreneur: Thank You, Small Business

Forbes: For Up To 100% PPP Loan Forgiveness, Take These 3 Steps The Very Moment You Get Your Loan

The Hill: Scammers pounce as stimulus checks start flowing

Bloomberg: The Back-to-Work Math Gets Messy for America’s Newly Unemployed

CNN Business: ‘The food supply chain is breaking,’ Tyson says as plants close

April 25 Covid-19 Economic News

The Hill: IRS announces deadline for SSI, VA recipients to quickly get stimulus payments for children

CNBC: Hollywood’s small businesses in crisis as coronavirus shuts everything down

Tax Foundation: A Visual Guide to Unemployment Benefit Claims

Fast Company: How to protect your work-from-home computer from cyberattacks

CNBC: Germans aren’t shopping despite stores being open — experts explain why

April 24

The New York Times: House Passes Relief for Small Businesses and Aid for Hospitals and Testing

The Hill: Trump signs $484 billion coronavirus relief package

CNBC: Tech companies pull back on hiring, flashing another grim warning sign for the U.S. economy

Forbes: Taxpayer Advocate Announces New Tool To Assist With Claiming Stimulus Checks

Politico: Small business loans to restart Monday, Rubio says

Deadline COVID-19 Economic News: Coronavirus Kills “Unrecoverable” Los Angeles On-Location Production For 2020, FilmLA Says

CNBC: Some gig workers are getting $0 in unemployment benefits

The Hill: More than 6 percent of US mortgages in forbearance: analysis

April 23

The Hill: 5 things to know about the latest coronavirus relief bill

CNBC: New $310 billion in aid for small businesses is likely already used up, banks say

ABC News: 4.4 million more people file for unemployment in coronavirus crisis

Homelight: Should I Sell My House Now or Wait Until the Coronavirus Eases Up?

Fast Company: Here’s where all the SBA economic injury disaster loans and advances have gone so far

CNBC: Gap warns it might not have enough cash for operations, as it stops paying rent

MSN: The US economy has now erased all job gains since the Great Recession

April 22

Forbes: Ready. Set. Go. Small Businesses And The Race For Round 2 PPP Funds

The Hill: Five threats to US food supply chains

The New York Times: Pandemic’s Costs Stagger the Nursing Home Industry

CBS News: Minority-owned small businesses could see relief in $484 billion aid package

CNBC: Here’s how to avoid a common mistake small businesses make when applying for loans, according to an SBA official

Forbes: 4 Business Trends Emerging From COVID-19

April 21

CNBC: Senate strikes deal on $484 billion relief package for small business, hospitals, testing

Bloomberg COVID-19 Economic NewsSchumer Says SBA Loan Deal Reached; White House Says It’s Close

The Hill: IRS says Social Security recipients with children must take action to ensure full coronavirus payment now

Politico: Banks warn that new small-business funding could evaporate in 2 days

April 20

Politico: Tax-refund delays mount as IRS struggles with snail mail amid shutdown

Vox: Getting unemployment has been a nightmare for millions of people across the country

The Hill: Bipartisan senators propose $500B rescue fund for states

CNBC: Burger chain Shake Shack to return $10 million government loan

The Washington Post: Coronavirus recession could plunge tens of millions into poverty, new report warns

Politico: Negotiators still fighting behind the scenes on latest relief package

The New York Times: Youth Sports Worry About Weathering Pandemic, and Future Play

April 19

MSN: Coronavirus stimulus checks: Where is the missing money going?

The Hill: House prepares to vote on coronavirus aid package as soon as Wednesday

CNBC: As coronavirus restrictions drag on, Americans shift online spending from stockpiling to entertainment

Forbes: Proposal: Cancel Rent And Mortgages Due To Coronavirus

CNN Business: Experts say it may be time for grocery stores to ban customers from coming inside because of Covid-19

April 18

Bloomberg: Giant U.S. Lenders Outpaced by Rivals in Small-Business Rescue 

CNBC: 24 Hour Fitness weighs bankruptcy as coronavirus pushes fitness industry to brink

The New York Times: Coronavirus Cases at D.C. Whole Foods Highlight Risks Facing Grocery Workers

Forbes: Six Numbers That Show How Hard The Travel Industry Is Being Hit By The Coronavirus Shutdown

April 17

CNBC: Coronavirus bill talks will go through the weekend after small business funds dry up, Schumer says

The Hill: Fresh produce goes to waste as coronavirus wrecks supply chains

Los Angeles Times: California food workers will get extra paid sick leave amid coronavirus crisis

New York Post: Big restaurant chains take $30M in coronavirus loans meant for small businesses

CNBC: Homebuilding just had its worst month since 1984. What traders see ahead for the group

The Hill: Millions wait for virus relief checks in major test for IRS

April 16

The Hill: Small business loan program runs out of funds amid debate over new bill

NBC News: Delays to coronavirus stimulus cash cause angst, confusion: ‘This is all just insane’

CNBC: Freelancers in the movie industry are particularly vulnerable as box office revenue plummets to zero

Fast Company: 7 ways of doing business by Zoom that are here to stay

Fortune: The IRS launched its ‘Get My Payment’ portal for tracking your stimulus check status

April 15

CNBC: 7.5 million small businesses are at risk of closing, report finds

Crunchbase: Layoff Data Report: Startups Under Fire Amid COVID-19 Pandemic

Politico: 11 surprising industries the coronavirus downturn is affecting

Los Angeles Times: 10 more businesses face charges for violating Garcetti’s coronavirus order to close

The Hill: Retail sales plunge 8.7 percent in March, biggest drop on record

April 14

The Hill: Food supply worries grow after outbreak closes Smithfield meat plant

Newsweek: When will the IRS ‘get my payment’ stimulus check app launch?

Politico: IMF predicts global contraction on par with Great Depression

Fortune: Are SBA small business loans running out? Here’s what we know so far

USA Today: Can these 10 retailers avoid permanent store closings amid coronavirus pandemic?

April 13

MSNBC: Newark introduces ‘Be Still Mondays’, asking essential businesses to shut down once a week

The Hill: Travel industry presses Congress for $600B boost to small-business loans

CNN Business: One of the largest pork processing facilities in the US is closing until further notice

Vox: Coronavirus stimulus checks are on the way — if you haven’t gotten one already

The Hill: Airline travel has dropped 96 percent amid coronavirus

April 12

Business Insider: Cruise ship bookings for 2021 are already on the rise despite multiple COVID-19 outbreaks

The Washington Post: ‘It feels like a war zone’: As more of them die, grocery workers increasingly fear showing up at work

The Hill: Arts, struggling to survive pandemic, face a longer road to recovery

Politico: Small business loan effort might be less generous than advertised

The New York Times: Fitness Instructors Flock Online to Pump You Up

April 11

The Hill: First coronavirus relief checks hit Americans’ bank accounts

CNBC: Fed’s Quarles says Main Street lending program should be running in 2 or 3 weeks

Fast Company: The architecture industry is getting slammed by COVID-19

CNBC: How restaurants plan to survive widespread layoffs from the coronavirus pandemic

Politico: Farmers left to jockey for bite of rescue funds

Vox: Many small businesses are being shut out of a new loan program by major banks

April 10 Covid-19 Economic News

Forbes: IRS Announces New July 15 Tax Deadline For Expats, Trusts, Estates And Corporations, Includes June 15 Estimated Payments Fix

The Hill: JPMorgan predicts 20 percent unemployment, 25 million job losses

Politico: Treasury expected to get started on stimulus payments Friday

Bloomberg Tax: IRS Not Processing Paper Returns, Urges Electronic Filing

Fast Company: More than 16 million people have lost their jobs in the last three weeks

TaxBuzz: Track Your Economic Impact Payment in the New IRS Portal

Forbes: Most Small Businesses Applied To The Paycheck Protection Program—And Most Are Still Waiting For The Money

The Hill: Walmart CEO says company sold enough toilet paper in 5 days for every American to have a roll

April 9

Forbes: Another 6.6 Million People Filed For Unemployment Last Week As Coronavirus Continues To Ravage The Economy

Bloomberg: Missed Rent Payments Cascade Across the Real Estate Industry

Fast Company: Can fine dining survive COVID-19? Chef Daniel Humm of Eleven Madison Park isn’t so sure

MarketWatch: The CEO who built Cisco into a powerhouse has a sobering coronavirus diagnosis: At least nine months of economic pain

Politico: IRS temporarily shutters its last service center

The Hill: Senate blocks dueling coronavirus relief plans

Bloomberg: Millennials Are Getting Stung by Back-to-Back Global Crises

April 8

Fortune: The coronavirus might have upended the concept of the best companies of the year

CNBC: Mortgage forbearance requests jump nearly 2,000% as borrowers seek relief during coronavirus outbreak

Fast company: The COVID-19 economy is devastating for creative workers. Here’s how to navigate it

Washington Post: IRS to begin issuing $1,200 coronavirus payments April 9, but some Americans won’t receive checks until September, agency plan says

April 7 Covid-19 Economic News

Daily News: LA County giving $10,000 each to businesses as coronavirus hits bottom lines

Barrons: The Dow Is Soaring on Optimism About Covid-19. Travel Stocks Are Rising.

Industry week: Are You Compliant with COVID-19 Leave Laws?

Bloomberg: Pelosi Says Next Stimulus Round Will Be $1 Trillion or MoreApril 6

CBS News: Wells Fargo stops taking applications for Paycheck Protection Program loans

USA Today: Homeowners hurt by COVID-19 can delay mortgage payments, but some say they’re anxious and confused about the real cost

The Hill: Yellen: Unemployment already likely at 12-13 percent

The Wall Street Journal: Big Restaurant, Hotel Chains Won Exemption to Get Small Business Loans

MarketWatch: Retailers lost 46,200 jobs in March but could lose millions by May

The Hill: Bank of America sees $33B boom in coronavirus rescue loan applications

April 3

The Washington Post: Thousands flood banks as federal small-business loan program begins with bankers expressing worries

CNN: The coronavirus pandemic has been catastrophic for house cleaners and nannies

CNBC: Bank of America’s small business loan portal is up, making it the first major bank to begin program

NPR: U.S. Lost 701,000 Jobs In March; Much Worse To Come

The Hill: Poll: Almost one in four small businesses are two months or less away from closing permanently

Forbes: Coronavirus Business Tracker: How The Private Sector Is Fighting The COVID-19 Pandemic

The New York Times: Trump Administration Scales Back Paid Leave in Coronavirus Relief Law

April 2

NPR: A Dismal Record: Nearly 10 Million Filed For Unemployment In Last 2 Weeks

Entrepreneur: How to Obtain an SBA Coronavirus PPP Loan and Have It Forgiven

USA Today: Here are the companies mass hiring during the coronavirus pandemic

Fast Company: Unemployment benefits for gig workers and freelancers: Here’s what we know so far

Politico: Social Security recipients won’t need tax return to receive stimulus payment

Forbes: Nearly 700,000 Retail Workers Out Of Jobs So Far Because Of Coronavirus

The Hill: 7 industries lobbying for more stimulus

April 1 Covid-19 Economic News

The Hill: Trump calls on Congress to restore tax deductions for business meals, entertainment

Politico: Coronavirus hits the economy where it hurts: Consumer confidence

CountingWorks: Commercial Tenants: Dealing With COVID-19 Shutdowns and Your Lease Obligations

Fast Company: What is an ‘essential’ business anyway? A cheat sheet for getting through the COVID-19 pandemic

Politico: States overwhelmed by previously unimaginable layoff numbers

CNN: What will travel look like after coronavirus?

The Hill: Poll – 28 percent of Americans say they’ve already lost wages due to coronavirus

March 2020 Covid-19 Economic News

March 31 

Fast Company: What is ‘force majeure’? The legal term you’ll be hearing a lot during the coronavirus crisis

Bloomberg: Goldman Sachs Sees 34% Plunge in U.S. GDP and 15% Unemployment

Barron’s: What the 1918 Flu Can Teach Us About Avoiding an Economic Meltdown

NBC News: Most cruise lines don’t pay taxes in the U.S. — just one of the reasons they aren’t getting a bailout

Los Angeles Times: Restaurants are pivoting to takeout and delivery. Will it be enough to survive?

Wodify Blog: Coronavirus/COVID-19: Guide for Gym Owners

Touch Bistro: Restaurant Marketing Ideas During Coronavirus

The Hill: Coronavirus poses new threat to mortgage industry

The Daily Beast: Do I Have to Pay My Rent or Mortgage During the Pandemic?

March 30

Fast Company: The coronavirus crisis is hitting childcare workers especially hard

CNBC: A food crisis looms as coronavirus forces farms to stay idle and countries hoard supplies

Forbes: Malls Survived The Retail Apocalypse, But Coronavirus Threatens To Be Their Armageddon

Bloomberg Businessweek: Boutique Fitness Studios Reduce to a Staff of One to Save Their Business

March 29

The Wall Street Journal: White House Extends Social-Distancing Guidelines Until End of April

Forbes: Beware Of Stimulus Check Scams And Related Hoaxes

The Hill: Trump floats restoring full corporate tax deduction for meals as coronavirus derails restaurants

Politico: Cannabis finds its moment amid coronavirus outbreak

Forbes: Zero Contact Everything: Coronavirus Causes The Rapid Rise Of ‘No Touch’ Retail

March 28

The New York Times: David Chang isn’t sure the restaurant industry will survive Covid-19

Forbes: IRS Continues To Limit Operations Due To Coronavirus Crisis, But Will Still Issue Tax Refunds

CNBC: New Yorkers have until July 15 to file state tax returns, Cuomo confirms

Fox Business: Coronavirus stimulus checks: Should you wait to file your 2019 tax returns?

Forbes: How To Maximize Your Coronavirus Stimulus Check

March 27

The Hill: House passes $2 trillion coronavirus relief bill, with Trump to sign quickly

The Wall Street Journal: How the Coronavirus Paid Leave Rules Apply to You

Politico: House to pass $2 trillion coronavirus package — but not without last-minute drama

The Wall Street Journal: Construction Companies Lobby to Keep Working as Coronavirus Spreads

Fast Company: An official World Health Organization COVID-19 app is coming soon

March 26

Forbes: What To Do About Your Student Loans During The Coronavirus (COVID-19) Crisis

The Wall Street Journal: Small Businesses in Limbo as They Await Coronavirus Assistance for Them

Politico: More questions and answers about the coronavirus checks

Fast Company: Applying for a small business disaster loan? What to know about the COVID-19 stimulus package

Forbes: When You File Your 2019 Tax Return Will Impact Your Stimulus Payment

Tax Foundation: Tracking State Legislative Responses to COVID-19

Forbes: How Will The Coronavirus Bill’s Individual Tax Payments Work?

March 25 Covid-19 Economic News

The Hill: White House, Senate reach deal on $2 trillion stimulus package

Politico: Here’s what’s in the $2 trillion stimulus package — and what’s next

Fast Company: Coronavirus stimulus checks: What we know so far

The Hill: New York Governor Cuomo: ‘Numbers don’t work’ in ‘terrible’ Senate stimulus package

Fast Company: What to do if you’re laid off during COVID-19: Start with these unemployment resources

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.