Happy Thursday everyone. Today is July 2nd and the S&P 500 ticked up and the tech-heavy Nasdaq closed at a record high Wednesday thanks to positive COVID-19 vaccine data from Pfizer and BioNTech’s trials. U.S. jobs increase by 4.8 million in June while the unemployment rate falls to 11.1% . The House passes an extension to the small business loan deadline and Trump says he supports larger payments to Americans with the next relief bill. Markets will be closed tomorrow for the holiday so that’s all for this week. We want to wish everyone a Happy 4th and we hope everyone has a wonderful weekend!
The Covid-19 crisis led the federal government to extend the due date for submitting 2019 federal income tax return to July 15. Making contributions into certain tax-advantaged accounts before July 15 could translate into nice tax savings.
Nonfarm payrolls rose by 4.8 million in June, much better than the expected increase of 2.9 million. The unemployment rate fell to a crisis low of 11.1%, also better than the 12.4% estimate.The numbers capture the move by all 50 states to get activity moving again after the virus seized up much of the U.S., particularly service-related industries.
Trump says he supports ‘larger’ payments to Americans than Democrats in next coronavirus relief bill
President Donald Trump said Wednesday that he supports another round of direct payments to Americans – and claims he wants to give out more money than Democrats have already proposed. “I do, I support it, but it has to be done properly,” Trump said when asked during a Fox Business Network interview at the White House whether he was in favor of sending another round of stimulus checks. “I support actually larger numbers than the Democrats,” Trump added.
The House votes to extend the deadline to apply for forgivable Paycheck Protection Program loans during the coronavirus pandemic, sending the bill to President Donald Trump. Businesses now have until Aug. 8 to apply for the aid. The program is designed to help small businesses keep employees on payroll during closures designed to slow the pandemic’s spread
McDonald’s is pausing its U.S. reopening plans for 21 days. Franchisees who have already reopened dining rooms and are not facing any rollbacks from local officials can decide if they want to keep them open. McDonald’s executives emphasized that franchisees should continue to be disciplined about safety measures.