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Coronavirus recession: how bad it could get and what it means to you



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Americans cut spending because they are planning a recession that may not end until the coronavirus pandemic is over.

Angela Lang / CNET

For the latest news and information about the coronavirus pandemic, visit the WHO website.

Even with that next stimulus calculation and a second stimulus payment on the horizon, rebounding from the Corona virus The recession, said to be the fastest in US history, “will not be quick or easy. The US economy broke records in the second quarter of the year, according to the Department of Commerce (PDF), which was released this week fell by 32.9%.

One of the factors contributing to the problem is the new increase in coronavirus cases this broke out when states accidentally started reopening after the blockade. State governments across the country then paused in their plans to reopen, and many even reversed the course, temporarily closing out shops and restaurants and bars just a few weeks after it opened.

If you are among the millions of Americans who have had economic difficulties as a result of the coronavirus pandemic, many of the economic safeguards introduced at the beginning of the ban have done so dried up or soon, which makes things exponentially worse. A renewal of improved unemployment benefits and Evictions are the most important topics that will be discussed in a second economic stimulus payment.

What is the path to economic recovery from here? We have compiled the latest news about the coronavirus recession, where to find help, what constitutes a recession and how the government is responding to it. Note that this story is intended to provide an overview and is not intended to serve as financial advice. It is updated regularly as the situation develops.

Continue reading:: How to estimate your tax refund for 2020

Latest news about the coronavirus recession


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Where can you find personal financial resources to help you prepare?

If you’ve had financial difficulties as a result of the coronavirus recession, here are some tools to help you restore your financial balance.

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America’s decade of growth is over. Now we are facing an economic slump.

Sarah Tew / CNET

When does the recession end?

Unfortunately we have no answers to this question. From an economist’s perspective, a recession ends when certain market requirements are met. From a personal perspective, you may be most surprised by your ability to work, pay your bills, and secure your financial future.

Economists and experts agree that the economy will only recover if the coronavirus pandemic is contained – without it trigger another wave of infections if blocking measures are lifted. That will happen through either Herd immunity, an effective treatment for COVID-19, a Coronavirus vaccination or a combination of all three.

Several vaccine candidates have shown promise in human studies. Still, it can take a year or more for something to be approved for widespread use. The development of a coronavirus vaccine is rapid and the details change daily.

How the government tried to support the economy

The $ 2 trillion stimulus package The law passed in March under the CARES Act is the first attempt by the US government to thwart a recession. The Economic Relief Act included Economic stimulus payments of up to $ 1,200 for most US taxpayers and a corporate loan program to keep paying their employees.

A debate about a second stimulus test is currently working through the congress, but seems to be weeks before its completion. In the meantime, the Federal Reserve has announced it will keep interest rates near 0% for the foreseeable future, often resulting in more loans being borrowed, resulting in more spending – and more spending generally improving the economy.

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Spending money in locally owned companies (while wearing a mask and maintaining social distance) can help keep your economy alive during the recession.

Jessica Dolcourt / CNET

How can I help?

It is easy to feel helpless, but if you feel financially secure or have time, there are ways to make a difference. My CNET colleague Katie Conner has some excellent recommendations for Things you can do to help your local community and businessesThis includes free contributions such as online volunteering or donating blood, ordering take-out or delivery, and buying restaurant gift cards.

Other local businesses like bookstores, garden centers, toy stores, and boutiques may have a website where you can help them with a roadside order if they stay closed.

The best advice I’ve heard so far about how you can support the economy individually is: Spend as much as you can and within your means.


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