Personal Finance

Letizia Le Fur | ONOKY | Getty Images While the federal Covid relief bill addresses a key concern for small businesses with forgivable loans, these firms could still face a tax hit — this time on their state returns. In addition to pledging stimulus checks to American households and providing a $300 boost to unemployment

Volunteers from Forgotten Harvest food bank at a mobile pantry distribution before Christmas in Warren, Michigan, on Dec. 21, 2020. Emily Elconin | Reuters President Donald Trump signed the $900 billion coronavirus relief bill on Sunday, solidifying another round of aid to Americans. Still, millions of families are staring down a gap in benefits that

A drive-in “Let’s Feed LA County” food distribution event hosted by the Los Angeles Food Bank on Dec. 4, 2020 in Hacienda Heights, California. FREDERIC J. BROWN | AFP | Getty Images However, states must wait to begin issuing the funds. The president’s signature starts a chain reaction that will likely end with workers getting

AleksandarNakic | E+ | Getty Images The year is almost over. Yet you still have time to make some financial moves and set the stage for a fresh start in 2021. While there are timely tax savings to consider, it’s also a good time to assess your budget and other money matters. “We, as human

There won’t be $2,000 stimulus checks coming for the holidays. House Republicans blocked an attempt by Democrats on Thursday to pass a standalone bill to raise direct payments to Americans to $2,000 from $600. The push to amend the $900 billion Covid relief bill came after President Trump demanded lawmakers increase the second round of

Volunteers fill cars with food at a drive through food bank. Aimee Dilger/SOPA Images/LightRocket via Getty Images Benefits ‘cliff’ is inevitable President Donald Trump called the relief bill a “disgrace” on Tuesday, throwing his signature into question. Trump called for $2,000 stimulus checks for individuals, more than the current $600, a policy House Republicans rejected

hobo_018 | E+ | Getty Images As happens every time the calendar flips to a new year, Medicare cost adjustments are about to take effect. This generally means paying more for some parts of your coverage, effective Jan. 1. For Medicare’s 63 million beneficiaries — most of whom are 65 or older — certain costs

Millions of struggling Americans will spend the holidays this year not knowing where their next paycheck will come from. And now, due to President Donald Trump’s last-minute opposition to the stimulus package lawmakers agreed on, they also won’t know if they can count on more unemployment benefits, another stimulus check and not being evicted from

FatCamera | E+ | Getty Images People using flexible spending accounts to put away money for dependent care could get a big break from the latest Covid relief bill: They will likely be able to use money left in those accounts over the next two years. The bill, which Congress passed on Monday, removes the

For many Americans, the classic carol “I’ll be Home for Christmas” will literally describe their plans this holiday weekend, as most opt to celebrate in place amid the ongoing pandemic. Only about a quarter of people nationwide will travel for Christmas and New Year’s, down from about one-third or so last year, and most of

Lucy Lambriex People taking advantage of temporary CARES Act rules that allowed for easier loans and distributions from 401(k) retirement plans increased slightly through November, a month before the Dec. 30 cutoff. As many as 1.4 million people have taken a CARES distribution from Fidelity, about 5.7% of participants on their system, according to data

People wait in line at the Holy Apostles Soup Kitchen on Dec. 15, 2020 in New York City. Robert Nickelsberg | Getty Images The latest coronavirus relief bill passed by Congress will give some unemployed workers an additional $400 per week — an extra $300 on top of state benefits authorized for most claimants plus

izusek | E+ | Getty Images After six months of political haggling, the federal government is about to send most Americans a second pandemic-related stimulus payment. The quickest way to get that money? Direct deposit, says the IRS. “Direct deposit is the safest and fastest way to receive a payment, including a tax refund,” according

Student loan borrowers won’t get more time to pay their bills in the stimulus deal. Ines Fraile | iStock | Getty Images Americans were already struggling with their student loans before the pandemic hit and drove up unemployment, with more than 1 in 4 borrowers in delinquency or default. Outstanding student loan debt in the U.S. has

No-Mad | iStock | Getty Images A bipartisan coronavirus aid deal that lawmakers struck on Sunday will extend the national eviction moratorium through January and establish a rental assistance fund of $25 billion. The relief comes as the Centers for Disease Control and Prevention’s eviction moratorium was set to expire at the end of the

wera Rodsawang | Moment | Getty Images As you check off your to-do list for the end of the year, don’t forget to look at your retirement savings. Whether it is an individual retirement account, an employer-sponsored plan like a 401(k) or a brokerage account, assessing your portfolio is crucial. That means checking to see

Getty | Johner Images U.S. retirement savers may want to look to their elders for a cautionary tale about racking up debt: It might be with you well into your golden years. The share of people age 75 or older who lead a household and carry debt jumped to 51.4% in 2019 from 41.3% in

Sarah Silbiger | Bloomberg | Getty Images Millions of Americans are poised to receive second stimulus checks. Yet a fight is taking place on Capitol Hill over how much money will be included in any payments. The latest proposals include direct payments of $600 per person. In contrast, the first round of checks sent out

Getty Images The coronavirus pandemic is slamming the most vulnerable Americans, pushing many into financially precarious situations. The best way to combat the financial fragility that’s brought on by such an event is helping Americans build and maintain an emergency savings fund, according to experts. But most people need the support of the government and

Tom Brenner | Reuters A second set of stimulus checks could be in the works for millions of Americans, based on Congress’ ongoing negotiations for more coronavirus relief legislation. But a fight is brewing over the amount that will be written on those checks. Currently, those talks point to new direct payments to Americans of

LifestyleVisuals | E+ | Getty Images Yes, Medicare’s annual enrollment period ended Dec. 7. No, not all hope is lost if you realize the Advantage Plan you picked for 2021 is a mismatch. That’s because Medicare has a three-month window at the beginning of each year, Jan. 1 through March 31, when you can swap

Although a second stimulus plan is still up in the air, the Federal Reserve is determined to push consumer borrowing costs even lower as the economic recovery takes hold — giving everyday Americans a reason to be optimistic. In addition to holding interest rates near zero, Fed Chairman Jerome Powell said Wednesday the central bank will continue

Marko Geber | DigitalVision | Getty Images The end of the year is fast approaching, yet there is still time to take charge of your taxes. While that might seem like something only the wealthy would do, there are also ways for the average American to save money — even if you are part of

Bill Clark | CQ-Roll Call, Inc. | Getty Images The Covid relief bill released Monday by a bipartisan group of senators has many helpful — if temporary — provisions for unemployed workers, according to experts. The relief package — which, if passed, would be the first since the CARES Act in early spring — extends

Getty Images There’s still a chance — though small — that some Medicare beneficiaries could receive some money to help with prescription drug costs. Nearly three months after President Donald Trump announced his intent to send $200 drug-discount cards to millions of people on Medicare, the stalled plan has cleared one big hurdle: An industry

Erin Scott | Reuters Capitol Hill lawmakers are wrestling with a big question that’s plagued them for months: How to put together another coronavirus relief package that will garner enough support from both parties. On Monday, a new $908 billion bipartisan proposal aims to do just that, except it lacks one key area of aid

New sneakers, a MacBook, a Peloton — you can pay for almost anything in installments these days. Like the layaway plans of old, but now called point-of-sale loans, “buy now, pay later” lets shoppers break their purchases into equal installment payments without interest or fees, even using a debit card, which can make even the

It appears that lawmakers on both sides of the aisle are in favor of extending the student loan forbearance. Al Drago/Bloomberg via Getty Images Student loan borrowers may not have to worry about their monthly bills until at least May of next year. In a summary of bipartisan legislation circulated on Wednesday that could become

U.S. Senator Bernie Sanders speaks at a protest calling for the Republican Senate to delay the confirmation of Supreme Court Justice Nominee Amy Coney Barrett at the U.S. Capitol on October 22, 2020 in Washington, DC. (Photo by Jemal Countess/Getty Images for Care In Action) Jemal Countess | Getty Images Entertainment | Getty Images The

In this unusual holiday season, many consumers have said they plan to spend less than they did last year due to the Covid-19 crisis. Not all plan to be frugal. Here are answers to some financial questions I received from CNBC viewers about holiday budgeting and keeping your finances straight going into the New Year.