All tagged EIDL

COVID-19 Weekly Digest (August 12, 2020)

COVID-19 Weekly Digest (August 12, 2020)

SBAI
COVID-19 Updates, Business Knowledge

Even though unemployment still remains high, and the US economy took a nosedive during the second quarter of 2020, US households managed to decrease their overall debt for the first time in six years. Even in the face of unemployment, credit card debt dropped by $76 billion during the second quarter as households cut back on non-essential spending. In the first six months of 2020, consumers reduced their credit card debt by $110 billion, the largest decreases since the New York Fed began tracking this in 2003.

COVID-19 Weekly Digest (August 05, 2020)

COVID-19 Weekly Digest (August 05, 2020)

SBAI
COVID-19 Updates, Tax, Accounting, Business Knowledge

It’s no surprise to most Americans that the U.S. economy has suffered greatly from the impact of the COVID-19 pandemic. But what may surprise you is the extent of the decline: a record 32.9% contraction during the second quarter of 2020, the biggest drop since 1947. The virus is still spreading across much of the country, and for 19 straight weeks, more than 1 million people have submitted new claims for unemployment benefits.