money

Here's who gets a payment under Biden's $1,400 stimulus check proposal

The new $ 1.9 trillion bailout plan introduced by President-elect Joe Biden provides an additional $ 1,400 in direct payments to Americans.
"We will end the task of giving a total of $ 2,000 in cash to the people who need them most," Biden said at an event in Delaware Thursday evening. "The alrea...

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Stimulus: Biden unveils $1.9 trillion 'rescue plan' including direct payments and extra $400 in unemployment benefits

President-elect Joe Biden unveiled a $ 1.9 trillion stimulus package that includes direct payments to Americans, a $ 15 minimum wage, aid to small businesses, and a national vaccination program.
“While the bipartisan action by Congress in December was a step in the right direction, it was just a ...

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Stimulus: Rubio calls on Biden to increase direct payments to $2,000 'on the first day of your presidency'

Senator Marco Rubio (R-FL) called on President-elect Joe Biden to enact "stand-alone legislation" to increase stimulus checks from $ 600 to $ 2,000 immediately after he took office.
“It would send a strong message to the American people if, on the first day of your presidency, you called on the H...

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Stimulus check confusion and delayed tax refunds: IRS watchdog details failures

As the pandemic raged in 2020, the Internal Revenue Service stumbled, causing underpayment of economic reviews, delayed tax refunds and other missteps, according to a new surveillance report.
The impact was felt again in 2021 when another tax filing season begins and there may be more direct paym...

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Mortgage rates to home prices: 8 housing predictions for 2021

After a year where home wealth reached an all-time high - while up to 14 million Americans were given temporary hiatus from evictions - some real estate trends will continue from 2020 onwards in 2021, while others will disappear.
According to experts, new ones will also appear.
House prices and s...

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Stimulus payments of $600 'simply not enough,' President-elect Biden says

President-elect Joe Biden has doubled his pledge of stimulus checks of $ 2,000 after taking office on Jan. 20, saying he will lay the groundwork for his proposal next week.
"We need more direct help for the families," said Biden at an event on Friday. "Quitting the job is just not enough to get p...

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Key Social Security changes you should know about in 2021

Retirees can expect at least four major social security changes this year, but more could be on the way depending on the policy goals of the next president.
Here are the changes that could affect you.
The full retirement age is rising
The full retirement age is when you cannot receive reduced soc...

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$2,000 stimulus checks back in play after Democrats sweep Georgia Senate runoffs

The $ 2,000 stimulus checks blocked by the Republican-controlled Senate in December are gaining momentum after the Democrats win the two Senate seats in Georgia and will control the chamber.
"One of the first things I want to do when our new Senators sit down is hand over the $ 2,000 checks to th...

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Stimulus: Some U.S. states begin paying extra $300 in weekly unemployment benefits

At least 11 states start paying the additional $ 300 weekly unemployment benefit this week under the $ 900 billion economic agreement that came into effect in late 2020. Most states should start distributing benefits by the middle of the month.
"Most states will be operational by mid-January," Mi...

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$600 stimulus checks arriving ‘as early as tonight’ while increase to $2,000 stalls in Senate

Treasury Secretary Steven Mnuchin tweeted Tuesday referring to the Internal Revenue Service (IRS) tool "Get My Payment" for status updates.
"This second round of payments will be distributed automatically, with no action required for authorized persons," the finance department said on Tuesday. "I...

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Fannie Mae and Freddie Mac extend renter protections for 8.6 million households

Freddie Mac and Fannie Mae, the government agencies that support millions of mortgages, have expanded their homeowner forbearance programs to prevent the exclusion of renters who live in these properties.
Landlords with multi-family mortgages supported by the agencies can start a new or revised f...

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The new stimulus deal includes 6 tax breaks that could help Americans

The $ 900 billion coronavirus aid deal passed Monday night, which was annexed to the $ 1.4 trillion bus spending bill to fund the government, includes six tax breaks for Americans for 2020 and beyond.
"It's an important piece of law that helps people and businesses during the winter as we wait fo...

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Everything you need to know about the unemployment benefits under the stimulus deal

Many changes to unemployment benefits come after Congress passed a $ 900 billion coronavirus stimulus package Monday night and the president is expected to sign the law this week.
Unemployed Americans will soon be getting an additional $ 300 a week on top of their benefits while key unemployment ...

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Stimulus check update: When will you get your second payment?

A second round of stimulus checks will be sent to Americans under the new coronavirus aid deal that Democratic and Republican leaders reached on Sunday. However, the direct payments will be half of the first.
The news comes eight months after the first stimulus checks of up to $ 1,200 - plus $ 50...

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Mnuchin says $600 stimulus checks could arrive 'next week' in Americans' bank accounts

The second round of economic reviews - part of the deal reached on Sunday between Democratic and Republican leaders - could be distributed as early as next week, according to Treasury Secretary Steven Mnuchin.
“People will see this money early next week. It's very fast, ”Mnuchin told CNBC on Mond...

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GOP lawmaker vetoes up-or-down vote on $1,200 stimulus check proposal

Senator Ron Johnson (R-WI) turned down a vote on a standalone stimulus review bill introduced last week by the unexpected duo of Senator Josh Hawley (R-MO) and Senator Bernie Sanders (I-VT).
Hawley attempted to put the proposal for an up-and-down vote in a second round of $ 1,200 economic reviews...

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Four House Democrats push Biden to cancel $50,000 in federal student debt for borrowers

House Democrats introduced a new resolution to pressure President-elect Joe Biden to deal with the student loan crisis, calling on him to cut federal debt of $ 50,000 per borrower.
The resolution presented on Thursday by MPs Ayanna Pressley (D-MA), Ilhan Omar (D-MN), Maxine Waters (D-CA) and Alma...

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McConnell signals stimulus checks are one of the 'major pillars' of the deal

Stimulus checks, a provision likely not previously included in this bailout package, are back on the table as Democratic and Republican leaders attempt to close a deal in the next few days.
This time, however, the direct payments are likely to be below the $ 1,200 under the CARES law.
"At the spe...

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'We're close to an agreement,' Schumer says as Democratic and GOP leaders near finalizing a stimulus deal

Chuck Schumer (D-NY), Senate Minority Chairman, and Senate Majority Leader Mitch McConnell (R-KY), after a series of meetings between Democratic and Republican leaders over the past two days, said they were optimistic about a stimulus deal.
"We are close to an agreement," said Schumer on Wednesda...

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IRS is ‘setting the trap’ for bitcoin and virtual currency investors on 2020 tax form

The Internal Revenue Service (IRS) is making it harder for taxpayers to hide cryptocurrency transactions - whether on purpose or not - by adding a new question to the top of the new Form 1040.
The form posted last week states, "At any point during 2020 have you received, sold, sent, exchanged, or...

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Bipartisan group splits stimulus proposal into two parts, calls it 'a Christmas miracle'

The bipartisan legislature split its initial $ 908 billion incentive framework into two parts - one containing provisions that Republicans and Democrats agree on, and one that tied their two sticking points - to before the end of the year get a deal.
"We saw a Christmas miracle in Washington," sa...

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Most Americans want stimulus checks, reject GOP's 'red line' on liability protections, poll shows

With Congress bogged down on the next aid deal, Americans know what they want: a second round of stimulus checks, please. Student loan liability protection and forbearance can wait.
Two in three Americans said stimulus checks were the top provision of the next relief deal, according to the latest...

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U.S. needs estimated $4.5 trillion in stimulus to recover, analysis argues

According to a new analysis, the economy may need up to five times more money than legislators are considering to return to pre-pandemic levels.
The Groundwork Collaborative, an advanced economic think tank, noted that a stimulus package worth $ 3 to 4.5 trillion would be needed to help American ...

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Stimulus checks amendment co-introduced by GOP Sen. Josh Hawley and Sen. Bernie Sanders

Republicans, Democrats, and the White House are still unable to resolve key sticking points in the economic negotiations, and the clutter has created a rather unlikely alliance: Senator Josh Hawley (R-MO) and Senator Bernie Sanders (I-VT )) came together and introduced an amendment that adds econ...

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Homeowners now face a new fee when refinancing

There is now a new refinancing fee in effect that may increase the interest rate. Homeowners will be listed if they cannot convince the lender to waive the fee.
The waiver comes as the 30-year fixed-rate mortgage rate hit a new low of 2.71%, marking its 14th record this year.
The Federal Housing ...

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Mortgage rates hit another record low as new refinance fee kicks in

Mortgage rates fell to new lows this week, according to Freddie Mac. This is the 14th time in 2020.
The record, however, is just about to come as a new refinancing fee goes into effect that undermines some of the savings from historically low interest rates.
The 30-year fixed-rate mortgage rate f...

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Pandemic unemployment benefits were underpaid in most states, government watchdog finds

The majority of states have underpaid unemployed Americans who rely on the Pandemic Unemployment Assistance (PUA) program by not matching their benefits with wages. These workers are entitled to what they missed, a government guard said Monday.
"The majority of states have paid PUA applicants the...

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What will Black Friday look like during a pandemic?

It's going to be a holiday season like no other in a year like no other.
The familiar scene of crowded malls and rushed vacation shoppers on Black Friday is unlikely to happen in 2020 as the majority of Americans choose to shop online this year amid a pandemic.
According to Katherine Cullen, Seni...

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States mull their own coronavirus stimulus packages as D.C. talks stall

Several states are intervening to provide economic relief for their residents, filling the void left by the federal government.
Colorado, Minnesota, New Mexico and Washington are among the states proposing smaller economic aid packages to help families and businesses in trouble while talks in Con...

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Biden’s plans will help those ‘fearful of outliving their retirement savings’

President-elect Joe Biden wants to help Americans save for their golden years by expanding access to retirement plans, making health care more affordable for seniors, and strengthening social security.
"These will comfort those who may not have saved enough or were afraid of surviving their retir...

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