Small businesses that took PPP aid may face a tax problem
A recent IRS ruling tying up a loose end in the 2020 economic-relief law could force many small businesses to pay taxes on government aid meant to help through the pandemic.The agency on Nov. 18 said the businesses cannot deduct expenses such as payroll and rent, paid for with money from the Paycheck Protection Program of the CARES Act. Such deductions are common when those expenses are paid for with revenue from running a business.The ruling hardened a divide between the Trump administration and the main tax writers in Congress, who have sought since the coronavirus outbreak produced an econ...
Star Tribune (Minneapolis)
Easing millennial and Gen Z veterans' path to homeownership, VA-backed loan program sees historic growth: 'They're turning to it in waves.'
Adam Seidler set several goals to hit by the time he turned 30 — start a family, own a home.With the help of a loan from the U.S. Department of Veterans Affairs, he achieved them. This year, he purchased a five-bedroom home for his family in Diamond, Ill.“It was pretty smooth sailing,” he said.Seidler, 30, is one of many millennial veterans capitalizing on their ability to secure a VA Home Loan, a program that started in 1944. Decades later, the initiative has provided the most loans in its history this year, helping more military families buy homes than ever before.“To me, that’s one of the m...
Quicken Loans' parent Rocket Companies shows more big profits, does buyback
Low interest rates have propelled Detroit-based Rocket Companies, the publicly traded firm that includes Quicken Loans, to another highly profitable quarter.Rocket on Tuesday reported net income of nearly $3 billion on $4.6 billion in total revenue during the third quarter that ended Sept. 30, up from $495 million and $1.6 billion, respectively, in the same three-month period of 2019.It closed about $89 billion in mortgages for the quarter, or more than double its volume a year earlier.Quicken Loans and other mortgage lenders have enjoyed a surge in business during the COVID-19 pandemic, large...
Detroit Free Press
Editorial: The Senate's job one: Pass a strong and focused COVID-19 stimulus
A Joe Biden presidency augurs well for eventually controlling the COVID-19 pandemic, but Americans can’t afford to wait until Biden takes office on Jan. 20 for federal help. More than two months have passed since Congress recklessly let lapse the individual stimulus payments and business loan programs that were helping stabilize the economy as Americans await a vaccine.Since summer, the major impediment to new stimulus has been Senate Majority Leader Mitch McConnell and his GOP conference. GOP control of the Senate hangs by a thread and will be determined in twin runoff elections in Georgia ea...
New York Daily News
Susan Tompor: Refinancing boom continues in 2020 as rates remain low
Hard to imagine but all the noise in 2020 actually might have blocked out the sound of the refinancing boom for many people.But homeowners who dragged their feet and have yet to refinance a mortgage might even snag a lower rate now than if they acted in January or February.The 30-year, fixed-rate mortgage fell to another record low for the week ending Nov. 5, hitting 2.78%, according to Freddie Mac. That’s down significantly from 3.69% for the same time a year ago.The uncertainty relating to the election — as well as the coronavirus pandemic — helped to drive down rates to new lows.Mortgage ra...
Detroit Free Press
Baby Boomers and high earners now carry the most student loan debt: Fidelity study
More than 44 million Americans owe an estimated $1.67 trillion in student debt — and Baby Boomers lead the pack over other generations.Boomers owed 33% more debt in 2020 vs. 2019, due in part to Parents Plus loans secured for children and grandchildren, according to more than 250,000 loans surveyed by Fidelity.“People in their 50s and 60s should be preparing for retirement,” said Asha Srikantiah, head of Fidelity Investments’ student debt program. “This is the first generation taking on debt of up to $100,000 to support one or more kids through college.”Surprised? Brookings research confirms a...
The Philadelphia Inquirer
Kansas and Gonzaga, last year's Nos. 1 and 2 teams, to meet on Thanksgiving Day in Florida
Kansas will meet Gonzaga and Saint Joseph’s in the 2020 Rocket Mortgage by Quicken Loans Fort Myers Tip-Off, event organizers announced Friday.The Jayhawks will play Gonzaga at 1:30 p.m. Eastern on Thanksgiving Day, Nov. 26, and Saint Joseph’s at 2 p.m. on Nov. 27. Both games will be played at Suncoast Credit Union Arena in Fort Myers, Fla.The KU-Gonzaga game, matching last year’s No. 1-ranked team in the final AP poll (KU) and the No. 2 team (Gonzaga), will be shown on Fox Sports. The St. Joe’s-KU game will be shown on FS1.FS1 will televise Game 2 of the Thanksgiving Day doubleheader between ...
The Kansas City Star
An Obama-era rule forces mortgage lenders and housing providers to fix policies that cause racial disparities. Now advocates are fighting to keep it from being 'gutted'
In 2013, the U.S. Department of Housing and Urban Development passed what’s known as the “disparate impact” rule to protect marginalized people from policies that deny them a fair shot at safe housing.Now, as the department seeks to change the rule and make it harder for accusers to make their housing disparity case, the National Fair Housing Alliance and other advocacy organizations have filed a federal lawsuit seeking to halt the change, just as it was set to go into effect Oct. 26. A judge temporarily stopped the change while the lawsuit moves forward.Fair housing advocates are concerned th...
How To Take Advantage Of Low-Interest Loans During The COVID-19 Health Crisis
While there is rampant fear and caution against a global economic downturn, this does not mean that every individual will be hit as hard as the next.Q3 2020 hedge fund letters, conferences and moreCertainly, there has been and will be even more severe impact across some key industries, but this shouldn’t be a cause for panic, particularly if you aren’t financially tied directly to any of the hardest-hit industries.In fact, overly cautious decisions right now could equate to missed opportunities for personal financial growth. What many people don’t realize is that now is the time to take advant...
New program to help Black-owned online businesses
ATLANTA — Many Black entrepreneurs struggle to get bank loans and professional help to launch new businesses. A new program aims to remove those stumbling blocks.An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-...
The Atlanta Journal-Constitution