Today is Tuesday, April 28th and we are reading that the market is heading for a 5-day winning streak, small business loans above $2 million will get a full audit going forward and the IRS has made enhancements to the “Get My Payment” stimulus tracker tool. We also see that essential small businesses are facing many challenges as they try to stay open, the U.S. will need to spend trillions while recovering from the pandemic and the biggest mall owner in the United States plans to reopen 49 of its properties.
Stocks rose sharply on Tuesday as investors continued to be optimistic about the prospect of states re-opening the U.S. economy.
Treasury Secretary Steven Mnuchin told CNBC on Tuesday the government will audit any company taking out more than $2 million from the small business loan program. The government program allows companies to have their loans forgiven, provided they spend the funds on payroll, benefits, rent and utilities. The Paycheck Protection Program faced backlash after several public companies disclosed they had taken out the loans, which were intended to help small businesses with fewer than 500 employees weather the coronavirus crisis.
The economy could take one to two years to rebound to full strength and the Federal Reserve and Congress, having already committed historic sums to fight the coronavirus pandemic, will have to commit trillions more, according to respondents to the CNBC Fed Survey.
If you’ve had trouble accessing the Get My Payment tool to check on the status of your coronavirus stimulus payment, you may want to try again. The IRS announced on Sunday it had made “significant enhancements” to the web portal, which first went live on April 15.
Small essential businesses are grateful to remain open during coronavirus, but running a small business during a pandemic proves challenging
Essential businesses are fortunate to remain open during the coronavirus pandemic, but keeping operations running during the crisis has come with a host of challenges.
The biggest mall owner in the U.S. is preparing to open a number of its properties across the country, as states like South Carolina and Georgia start to reopen during the coronavirus pandemic.