Posts Tagged ‘coronavirus’
Q2 2020 – Second Quarter Stock Market Commentary
There is an old saying on Wall Street, “The stock market is not the economy and the economy is not the stock market.” We all got a little taste of that this past quarter when we saw a negative -4.8% GDP in the first quarter and predictions of negative -30% to -50% GDP for the second quarter. We saw record…
Read MoreU.S. Government Sends Millions of Economic Impact Payments by Prepaid Debit Card
In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn’t receive a payment via direct deposit. How is the card activated? The Economic Impact Payment Card (EIP Card) arrives in a…
Read More2019 IRA Contribution Deadline Has Been Extended
Due to the coronavirus tax filing extension, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, the contribution deadline for…
Read MoreWatch Out for Coronavirus Scams
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can…
Read MoreSmall Businesses Eligible for Numerous Relief Programs During COVID-19 Crisis
Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll. Within a few weeks, initial funding for the two cornerstone programs,…
Read MoreUpdated: CARES Act Provides Relief to Individuals and Businesses
As more information has become available over the last few weeks, we want to provide an update regarding the CARES Act to help clarify any questions you may have about this relief package and how it impacts you. There is likely to be a steady stream of guidance forthcoming with details relating to many of these provisions,…
Read MoreCARES Act Provides Relief to Individuals and Businesses
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are summarized here. Unemployment provisions The legislation provides for: An additional $600…
Read More2020 First Quarter (Q1) Market Commentary
Most economic slowdowns occur over time with a slow deterioration of Employment, Consumer Confidence, and Gross Domestic Product (GDP). Companies generally tighten their belts and the Fed and Government make monetary and fiscal policy changes to help soften the blow and eventually we come back slowly. It’s called the business cycle. We have been going…
Read MoreClient Alert: Coronavirus and Market Conditions – A Note from Tom & Tim
Over the weekend, oil prices dropped by about 20-30% as Saudi Arabia slashed its export oil price likely starting a price war with Russia. This spooked the markets which were already on edge with the spread of the Coronavirus. As a result, we saw the stock market drop 7% at the open this morning and the…
Read MoreCoronavirus Concerns? Consider Past Health Crises
During the last week of February 2020, the S&P 500 lost 11.49% — the worst week for stocks since the 2008 financial crisis — only to jump by 4.6% on the first Monday in March.1 By all accounts, the drop was largely driven by ever-increasing fears about the potential effects of the coronavirus (COVID-19) and its…
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