We have made it through another week! Today is Friday, May 15 and we see that the market has dropped again, retail sales fall a record 16.4% in April and fewer borrowers are asking for mortgage relief, but that could change with bailout improvements. We are also reading that firms that took a PPP loan under $2 million are about to get a break and with grocery prices on the rise, there are a few ways to keep your food budget under control.
Stocks fell on Friday on the back of a record plunge in U.S. retail sales and rising trade tensions between China and the U.S.
Consumer spending tumbled a record 16.4% in April as the backbone of the U.S. economy retrenched amid the coronavirus pandemic, according to a government report Friday.
Borrowers are still piling into government and private lender mortgage relief programs, but the pace is finally slowing. A change in the way borrowers are required to pay back that relief, however, could make the programs more enticing over the next few months.
Business owners who borrowed less than $2 million from the Paycheck Protection Program can breathe a little easier: They likely won’t face an audit from federal authorities.
As the coronavirus pandemic continues, shoppers have had to contend with higher prices on many common food items, including meat, milk and eggs. The Labor Department reported Tuesday that consumers paid 2.6% more for groceries in April than in March — the largest one month increase since February 1974.