Markets closed lower Monday, Warren Buffett urges Congress to extend the Paycheck Protection Program (PPP), and remote work appears to be here to stay. Here's how the headlines could affect your money.
Despite hitting an all-time high earlier that day, the Dow closed lower Monday. The S&P 500 also declined, but the Nasdaq rose, as cities like New York announced that they could be implementing stricter measures to combat the spread of the coronavirus and lawmakers continued to stall on stimulus talks.
The United States' coronavirus death toll topped 300,000 Monday.
The Dow opened higher Tuesday as negotiations in Congress continued over a bipartisan potential new Covid relief package. Their proposal includes $300 in enhanced weekly unemployment benefits and an extension of federal programs like Pandemic Unemployment Assistance. As of Tuesday afternoon, there were signs of progress.
Part of the original CARES Act, the PPP offered small businesses loans for their payrolls. The deadline for PPP applications passed in August.
Video by Courtney Stith
More than 1 in 4 Americans (26.7%) are projected to work remotely full time in 2021, according to a recent Upwork survey of 1,000 small business owners. Respondents predict that five years from now, 22.9% of Americans, or 36.2 million people, will still be telecommuting.
If work-from-home becomes a long-term reality, it may be time to reassess your budget. Consider, for example, reduced commuting expenses, higher utility bills, and the cost of whatever tools you'll need to build a comfortable home office.
Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.
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