Aug 12

Aug 12 COVID-19 Weekly Digest (August 12, 2020)

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.

Aug 4

Aug 4 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.

Aug 1

Aug 1 How Your Business Can Thrive Even In A Recession

SBAI

COVID-19 Updates, Planning, Business Knowledge, Accounting

For most businesses, especially small businesses, recessions can be brutal. Just take, for example, the Global Financial Crisis (GFC) that struck the world in 2008. Between December 2008 and December 2010, approximately 1.8 million small businesses shut down. When Investopedia looked into the impact of the financial crisis on small businesses after a decade, they found out that business creation has not yet returned to pre-crisis levels.