We hope all the mothers out there had a wonderful Mother’s Day yesterday and hope everyone had a great weekend! Today is Monday, May 11 and we see that the market has fallen due to reopening doubts, the IRS sets a deadline of May 13 to submit direct deposit information for stimulus checks and small business loans are not going proportionately to the hardest hit areas. We are also reading that many seniors are turning to reverse mortgages as a cash lifeline and working from home is here to stay, even when the economy reopens.
Stocks fell on Monday, giving back some of last week’s solid gains, amid jitters about reopening the economy too soon.
There’s still time to submit your bank account information to the IRS to get your $1,200 stimulus payment more quickly. But that window is closing, the IRS said on Friday. Americans who qualify for a one-time payment now have until noon on Wednesday, May 13, to get their money faster by submitting their direct deposit information on the Get My Payment site.
States enduring the brunt of the coronavirus crisis are receiving a smaller proportion of emergency small business loans than some Mountain and Midwest states, according to analysis conducted by the Federal Reserve.
With coronavirus shutdowns wreaking havoc on the global economy, investment portfolios are also getting battered. The S&P 500 is down more than 10% since the start of the year. While that’s unpleasant for most investors, it’s especially devastating for retirees who count on their investments for income. And when those declines come at the beginning of retirement, they can permanently lock in a lower nest egg, known as sequence of return risk.
While President Trump pushes states to allow businesses to reopen, companies in technology, financial services, insurance and other industries that can successfully function over internet lines are choosing to keep their people home. Long commutes have been replaced with heavy Zoom use, and workers in big cities are in no hurry to sit on crowded subways and buses during rush hour.