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The $600 unemployment bonus initiated during the COVID-19 pandemic has been contentious. While some argue it discouraged workers from returning to their jobs, others say the $600 was necessary and that those who are now without it are feeling a severe financial pinch. How much help did the bonus really provide, and what should those who were counting on the funds do now? Remember, the news is constantly evolving as states are independently assessing the value of additional bonuses. If you are dependent on these funds, it would be wise to stay up to date on developments in states’ policies, as some jurisdictions are providing an extra $300 to $400 of weekly unemployment benefits. Here’s everything you need to know about the success of the program and how to find more money for daily expenses if you’re out of work. What was the goal of the bonus? To help with the economic fallout of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act, also known as the CARES...
Young entrepreneurs are disproportionately suffering in the U.S. industries hardest hit by the coronavirus pandemic. LendingTree researchers found that 45% of businesses with owners younger than 25 years old are in industries with unemployment rates higher than the national average of 13% in May. That figure jumps to nearly 47% for business owners between the ages of 25 and 34. These hardest-hit sectors make up 40% of all businesses in the U.S. Many of these nonessential businesses closed their doors at some point in recent months to obey government mandates meant to limit the spread of the coronavirus. Most are reopening — as of this writing, about eight in 10 businesses in the U.S. are fully or partially open as local authorities ease restrictions. Key findings Young business owners operate in high-risk industries Asian business owners vulnerable to pandemic effects Methodology Key findings Across every industry, the majority of business owners are white and male — 85% of business...
Small business owners are anxiously waiting to see if Congress will inject more money into the Paycheck Protection Program (PPP), the federal rescue program that failed to reach the vast majority of small businesses it was intended to help the first time around. A new LendingTree survey found that just 5% of business owners have received a PPP loan, though 60% had applied for funding. Survey respondents were eager to submit their applications once the program opened, but many struggled to communicate with bankers as the entrepreneurs’ financial situations further deteriorated — and then the $349 billion emergency funding ran out of funds after 13 days. Many of the 1,260 small business owners surveyed expressed their frustrations. “I’ve kept my employees on payroll even though we closed because it is the right thing to do,” one respondent said. “Unemployment in our state is only $275 per month. They can’t live on that. Now, I’m in limbo waiting for the PPP money. I have no idea when,...
Despite the news that loan relief with extremely low interest is on the way, it’s unclear if it’ll be enough to save entrepreneurs hit hard by COVID-19. A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. Business owners are holding on by a thread as more governors join the long list of states closing non-essential businesses. Nearly half of small business owners have temporarily closed their businesses, our survey found. They have also laid off workers or reduced their hours and sought funding, often unsuccessfully, to stay afloat. Key findings 71% of small business owners are worried their business will never recoup the losses associated with the COVID-19 pandemic. Business owners in the accommodation/food service and retail trade sectors are among the most likely to fear for their company’s future. Nearly half — 47% — of small business owners surveyed have taken on debt to keep their business afloat...