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Coronavirus economic updates: US cuts 701K jobs in March, unemployment rate jumps to 4.4%
Gwengoat/iStock (WASHINGTON) -- The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling. Here's the latest news on how the COVID-19 crisis is affecting the economy: Markets close out another volatile week The Dow Jones Industrial Average fell more than 350 points Friday, or approximately 1.7%, to close out a volatile trading week.The S&P 500 and Nasdaq both slipped about 1.5%.The government jobs report released earlier in the day ended a streak of historically-low unemployment figures in the U.S., and officials warned that the economic impact...
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What to know about hazard pay if you're working during coronavirus crisis
Kameleon007/iStock (NEW YORK) -- As thousands of grocery staffers, delivery workers and other "essential" employees still head to work amid the novel coronavirus pandemic, recent searches for "hazard pay" have skyrocketed, according to Google data.The once narrowly used labor term that has been thrust into the spotlight in recent weeks is defined as "additional pay for performing hazardous duty or work involving physical hardship," according to the U.S. Department of Labor.A handful of companies have announced pay bumps for its front line workers as COVID-19 spreads throughout the U.S. -- including Amazon, Albertsons, Krogers, Safeway and Whole Foods, which all...
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Here are three ways to save money amid coronavirus
Kritchanut/iStock (NEW YORK) -- As many Americans increasingly find themselves out of work and filing for unemployment amid the coronavirus pandemic, many have to find extra funds. ABC News Technology and Consumer correspondent Becky Worley shared her tips for finding a few extra dollars during these uncertain times.Subscription scrubGet your credit card statement and pull out every recurring monthly charge. Cancel anything you can and don’t forget to go through your iTunes and Google Play subscriptions too. Becky said she was able to find $55 worth of subscriptions, which accumulates to $600 a year. Becky also suggested renegotiating cellphone plans...
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Millions of Americans could wait months for mailed stimulus checks, IRS tells Dems
Pineapple Studio/iStock (WASHINGTON) -- Millions of Americans could wait months for stimulus checks from the federal government, according to a House Democratic memo obtained by ABC News.With millions of Americans unemployed in the midst of the coronavirus outbreak, the extended timeline for the delivery of paper checks could spell trouble for some eligible Americans.On Thursday, Treasury Secretary Steven Mnuchin said the Internal Revenue Service would begin direct coronavirus payments to taxpayers "within two weeks," after suggesting on Sunday they would be directly deposited in the bank accounts of Americans who had shared their banking information with the IRS within three...
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What to know about applying for unemployment insurance during coronavirus crisis
glegorly/iStock (NEW YORK) -- The novel coronavirus pandemic has caused unemployment levels to skyrocket, delivering a massive blow to the U.S. economy as a whole and shuttering, at least temporarily, thousands of businesses across the country.A record-smashing 6.6 million people filed for unemployment in the week ending March 28 amid the pandemic, according to data released by the U.S. Department of Labor (DOL) on Thursday.If you lost your job due to the COVID-19 outbreak, you most likely qualify for cash benefits that are jointly funded by the federal government and your state. Here is what you need to know about...
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Coronavirus economic updates: Record 6.6 million Americans file for unemployment
ABC News Illustration / US Department of Labor (NEW YORK) -- The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling.Here's the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here.Financial markets rise with oil pricesDespite the staggering unemployment filings figure released earlier in the day, U.S. financial markets rallied as oil prices soared.The Dow Jones Industrial Average closed up more than 450 points, or 2.2%. The S&P 500 climbed 2.3% and the...
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MAC Cosmetics and Miley Cyrus kick off Viva Glam 2020 to dedicate $10 million to COVID-19 relief
Sasha Brazhnik (NEW YORK) -- MAC Cosmetics has fast-tracked the kick-off of the brand's annual Viva Glam campaign, which will allocate funds to provide relief for vulnerable communities across the globe that have been impacted by the novel coronavirus outbreak.On Thursday, the brand announced that this year's Viva Glam 2020 initiative will be dedicating $10 million toward 250 local organizations all over the world that are on the front lines helping people at higher risk during the COVID-19 pandemic. To further spread the news of MAC's relief efforts, Miley Cyrus, who is a past Viva spokesperson, introduced this year's plan...
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Nonprofit organizations ask for stimulus money as resources dry up during pandemic
iStock/Dean R Specker (WASHINGTON) -- While the novel coronavirus pandemic continues to spread across the country, nonprofit organizations continue to operate some of their most important programs.Whether it’s child care for essential workers, blood drives or online training sessions for job applications, organizations like the YMCA and United Way continue to be in demand within their local communities, according to nonprofit leaders. These programs, however, are in grave danger of using up what funding they have, which could cost millions of jobs across the country, and result in long-term shutdowns of community centers."Those services we provide are going to be...
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Social Security recipients to get relief payments directly to bank account without filing tax return
iStock/fizkes (WASHINGTON) -- Bowing to pressure, the Internal Revenue Service has announced that Social Security beneficiaries will automatically receive their $1,200 emergency assistance payments without having to file a tax return – as originally required by the $2 trillion relief bill signed into law last Friday.“Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account,” Treasury Secretary Steven Mnuchin announced Wednesday eveingThis announcement came after a bi-partisan group of 41 senators wrote a letter to Mnuchin on Wednesday saying they were alarmed...
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Colorado AG steps in after Hobby Lobby defies COVID-19 stay-at-home order
t:dbdurden/iStock (DENVER) -- The Colorado Attorney General's office sent a letter to Hobby Lobby's CEO, ordering the craft supplies company to shutter stores immediately after it continued operating despite being named a nonessential business during the novel coronavirus pandemic."For the avoidance of doubt, and as you have been previously notified, Hobby Lobby is not a 'critical business,'" the letter from attorney general Phil Weiser's office, obtained by ABC News, stated. "You are directed to immediately close all Hobby Lobby locations within the State of Colorado."The letter added that the state's executive order mandating nonessential businesses shutter amid the COVID-19 outbreak...
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Record 6.6M Americans file for unemployment amid coronavirus crisis
glegorly/iStock (NEW YORK) -- A record-smashing 6,648,000 people filed for unemployment in the week ending March 28 amid the novel coronavirus pandemic, according to data released by the U.S. Department of Labor on Thursday. The COVID-19 financial crisis has clobbered the U.S. economy, forcing thousands of businesses to shutter amid government-mandated stay-in-place orders.The service industry, led by accommodation and food services, was among the hardest-hit by the COVID-19 outbreak, according to the DOL data. Other industries that have been heavily impacted include health care/social assistance, manufacturing, retail and construction, the DOL said. Friday's staggering figure is an increase of more...
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Coronavirus leads to surge in wills: 'Everyone is thinking about their mortality'
alexskopje/iStock (NEW YORK) -- Earlier this week, Tara Waters made her will.She's just 42 years old and the mother of two young children.But amid the climate of uncertainty surrounding the coronavirus pandemic that is sweeping the nation, she, like people of many ages and walks of life, is grappling with the difficult subject and not taking any chances."Obviously with the coronavirus, everyone is kind of susceptible to it," Waters, a police officer from Weymouth, Massachusetts told ABC News."I feel like in this day and age everyone is kind of thinking about their mortality," she added. "I think people are seeing...
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