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NFCC Financial Guidance for Your Week

Check out NFCC’s latest blog articles on when and what to expect with the next stimulus bill, important changes to the PPP loans for small businesses, and how to pay your income taxes on unemployment. Plus more.

When and What to Expect with the Next Stimulus Bill

You may be wondering if the government plans to pass another stimulus bill. After all, more than two months have passed since the passage of the CARES Act and its expansive measures. As it turns out, there will almost certainly be another stimulus bill. President Trump recently said that, “We’ll be asking for additional stimulus money.” However, many uncertainties remain in regards to its timing and content. Here is a closer look at what is potentially on the horizon and when you can expect new legislation.

Important Changes to Loans under the Paycheck Protection Program

Two loan programs associated with the Small Business Administration (SBA)—the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL)—have been the source of much hope and confusion for small businesses around the country as they have sought for financial assistance while coping with the challenges of COVID-19. Since these programs first entered the national spotlight in March, the SBA has provided additional clarity about the uses and limitations of the programs, and Congress has introduced new relevant legislation. 

Don’t Forget to Pay Income Tax on Your Unemployment Benefits—Here’s How

If you are receiving unemployment benefits, you should know that those benefits are considered income and are therefore taxable. You may need to make a plan for paying the additional income tax so that you won’t face a large, surprise tax bill next April. This is always an issue facing people who receive unemployment benefits, but the situation is more confusing than usual in the midst of COVID-19. The CARES Act created the Federal Pandemic Unemployment Compensation (FPUC) program, which provides additional unemployment insurance to Americans who are out of work.

NFCC in the News 📰

• The coronavirus pandemic’s looming credit crisis  Read More...

• CNBC Select speaks to debt relief attorney Leslie Tayne, an expert with an 842 credit score, about her advice for conquering your debt  Read More...

• Kiplinger's Personal Finance: Get help with your bills  Read More...

• PAlive! Darlene Goins, Financial Health Leader for Wells Fargo. Watch the Video:

  

Podcast 📢

1. This week’s episode features a special simulcast of Ask an Expert, our weekly Facebook Live event where we answer questions about personal finance topics. Listen as Courtney Nagle and Bruce McClary tackle a variety of credit challenges submitted by our audience.

2. Our guest this week is Herb Weisbaum of Consumers’ Checkbook, and he’s here to inform us about the latest scams and how to protect ourselves.

   

Around the Country 🗽

5 Reasons Your Credit Score Can Drop Unexpectedly

You probably know that your credit score can drop if you don’t use credit responsibly. But there are also some less than obvious things that can cause your score to go down. Team Clark’s Consumer Action Center fields questions from people almost every day about credit score drops with no apparent reason. Center Director Lori Silverman says that most of the calls and emails they get are from people who have solid credit but are obsessing about a drop of 30 points or less.

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