Money

Trump’s $300 benefit not enough help for many unemployed

It’s now been seven weeks since the millions of workers receiving unemployment benefits in this country stopped getting an extra $600-a-week in Federal Pandemic Unemployment Compensation payments, helping them to stay afloat and pay their bills. 

At the end of July, about 25 million jobless Americans suddenly lost the extra federal benefits from their weekly unemployment checks, leaving the typical recipient with $325-a-week on average across the country. 

That benefit (passed in the CARES Act) ran out after Congress and the White House failed to move a new stimulus bill forward to extend the payments. And as of this week, Congress and the White House are still deadlocked with no new stimulus bill likely to move forward before the November election. 

Meanwhile, it has been five weeks since President Donald Trump announced a partial, temporary replacement for those $600-a-week unemployment payments: a program he called Lost Wages Assistance. 

That unemployment

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Asian American businesses affected by COVID-19



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a man standing in a room: Jefferson Li is the American Dream fulfilled. The Coast Guard reservist is the son of Chinese immigrants who worked hard for 25 years building their butcher shop in New York City’s Chinatown.


© ABC
Jefferson Li is the American Dream fulfilled. The Coast Guard reservist is the son of Chinese immigrants who worked hard for 25 years building their butcher shop in New York City’s Chinatown.

This report is part of “Turning Point,” a groundbreaking month-long series by ABC News examining the racial reckoning sweeping the United States and exploring whether it can lead to lasting reconciliation.

Jefferson Li is the American dream fulfilled. The Coast Guard reservist is the son of Chinese immigrants who worked hard for 25 years building their butcher shop in New York City’s Chinatown.

“We cater mostly to the local community … mostly elderly Chinese folks,” Li said of the shop.

Now, Li’s back home to help his family business survive amid a global pandemic that’s killing Asian American-owned businesses.

Li’s parents speak little English and came to the U.S. solely to

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Inside LSU’s $56.4M budget shortfall: No money for pay raises, how officials will make up gap, more | Education

After several years of flat or increased budgets, LSU is looking at starting next year with $56.4 million less money.

The LSU Board of Supervisors without discussion approved Friday a $1.06 billion spending plan of unrestricted funds – a 5% reduction from this year’s $1.12 billion. The budget covers LSU’s colleges in Alexandria, Baton Rouge, Eunice, and Shreveport as well as the medicals schools and Pennington Biomedical Research Center.

LSU executives weren’t that concerned, noting that much of the shortfall will be made up with the use of one-time money, such as leftover salaries from unfilled positions, and increases in the number of students paying tuition and fees. Tuition and fees represent slightly more than half of the system’s revenues while the state’s appropriations make up about 36% of the funding.

But it also means no pay raises. “Unfortunately, LSU does not have the revenues available to include a merit

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PPP loans kept many small businesses afloat this summer. Without more funds, experts say a wave of bankruptcies is coming. | Local Business

While the evidence is largely anecdotal at this point, the pandemic appears to have outlasted the PPP funds for a growing number of small businesses, a trend that may fuel bankruptcy filings well into next year, said James Hammond, CEO of Boston-based New Generation Research, publisher of BankruptcyData.

“There’s certainly a lot of companies that despite their PPP success at getting some funding, haven’t been able to hold it together and already have shown up in bankruptcy courts,” Hammond said.

That’s the case in federal bankruptcy court in Chicago, where a handful of Chicago-area companies filed for bankruptcy after receiving PPP loans of at least $150,000, according to publicly available SBA data and court filings.

In April, Michael Marinov, a Sarpino’s Pizza franchisee, received about $210,000 in PPP loans through Fifth Third Bank to support payroll for 39 employees at four of his six suburban Chicago locations. Two months later,

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Cape Hopes For ‘Second Summer’ Tourism, As Businesses Continue To Face Challenges

Cape Cod officials hope travelers will extend their summer vacation plans and continue to visit the region this fall — and spend money there.

The Cape Cod Chamber of Commerce rolled out a marketing campaign this week dubbed “Second Summer” in an effort to spur fall tourism, especially as many businesses have taken a hit this summer due to the coronavirus pandemic.

Officials said some businesses that typically close after Labor Day plan to remain open through October or November to capture more business. Cape Cod Chamber of Commerce CEO Wendy Northcross said visitors can still enjoy many attractions in the fall months.

“We always are hopeful that people will plan a non-peak vacation to the Cape,” Northcross said Thursday. “Our best opportunity is to continue to talk to the population that lives within one day’s drive of Cape Cod.”

The “Second Summer” campaign is rolling out ahead of what’s

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Twitter’s Un-Famous Users Can Make Money From Viral Tweets

You don’t need to be Twitter famous to make money from viral tweets.

A growing number of Twitter users –- many of them with very few followers of their own — have glommed onto an inventive way to harness the power of tweets that go viral to make a few bucks for themselves.

These savvy users do this first by finding a tweet that’s garnering a lot of attention. They then use the reply tool to point the Twitterverse toward a brand, which, in turn, pays a small fee in exchange for the mention. None of this happens through Twitter’s established advertising system, meaning the company doesn’t get a cut of the transaction, and it may break Twitter Inc.’s rules requiring disclosure of payment for promotion.

Here’s how it plays out for Blake Forbes. The 20-year-old college student from Austin, Minnesota, runs the Twitter account @BirdExecutive. It only has about

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Trump campaign paid $2.3 million to his private business

  • President Donald Trump’s campaign has paid $2.3 million in donor funds to his private businesses so far, according to Federal Election Commission filings.
  • Forbes, which first reported on the filings, pointed to an instance in which one of Trump’s companies received nearly $38,000 in campaign funds for rent.
  • In another, the campaign shelled out $8,000 to the Trump Corp. last month for “legal & IT consulting,” according to the filings.
  • This isn’t the first time the president’s campaign has become entangled with his personal finances.
  • In July, The Washington Post’s David Fahrenthold reported that Trump’s campaign sent nearly $400,000 to the Trump Organization in just two days.
  • Visit Business Insider’s homepage for more stories.

President Donald Trump’s private business has received $2.3 million in campaign funds so far, according to recent Federal Election Commission filings.

Forbes, which first reported on the filings, said that in one instance, Trump Tower Commercial

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Weekly Jobless Claims Stay High, Prompting Small Business Concerns for Commercial Landlords

Today’s news on the unemployment front was a mixed bag. Jobless claims totaled 881,000 last week, which is better than the 950,000 new claims analysts were predicting. And in the course of our current recession, a week where new unemployment benefit claims don’t reach the 1 million mark is always a good thing. And also, jobless claims for the week represented a decline from the previous week.

But while initial jobless claims for the prior week may have come in lower than expected, job loss is still rampant as the COVID-19 pandemic shows no signs of coming to an end. And that means consumer spending is likely to remain sluggish as layoffs continue to wreak havoc on American’s finances and unemployment aid continues to fall short. That’s bad news for the economy as a whole, but it’s particularly bad news for small businesses, which have struggled immensely ever since the

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Keanu Reeves Has a Refreshingly Honest Approach to Money

As they say, there’s no business like show business. And with million-dollar paychecks floating about, it’s all too easy for stars to prioritize chasing money over everything else. But that doesn’t seem to be the case for Keanu Reeves. Although the actor has headlined some enormous hits, he has a refreshingly relaxed attitude toward the financial part of his job.

Keanu Reeves and his mother, Patricia Taylor, at the 92nd Oscars
Keanu Reeves and his mother, Patricia Taylor, at the 92nd Oscars | ROBYN BECK/AFP via Getty Images

Keanu Reeves landed an enormous payday for ‘The Matrix’ sequels

Reeves has been a big-screen fixture since the mid-1980s. But his first big-screen credit — 1986’s Youngblood — reportedly earned him just $3,000. Just a few years later, he starred in hits like Bill and Ted’s Excellent Adventure, Point Break, and Speed. But his biggest paycheck was still yet to come.

After The Matrix became a phenomenon, Reeves landed a

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The Party’s Over for Money-Losing Fintechs as Funding Tap Shuts

(Bloomberg) — Europe’s fintech upstarts have added millions of users and billions of deposits in their venture-capital fueled boom the past few years. And now the fight to one day turn a profit is becoming a battle for survival.

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Monzo and Revolut, two of the industry’s leaders, said losses more than doubled and tripled respectively last fiscal year. Monzo said that while it had enough capital for at least the next 12 months, its ability to continue to operate as a “going concern” had been thrown into question in a more challenging fundraising environment. N26 shut its U.K. business this year.

The industry’s existential problems are reflected in a retreat by investors, who cut funds for fintech firms globally in the first half of 2020 by about 35% to $25.6 billion from the same period in 2019, according to data from KPMG. Acquirers spooked by the economic fallout

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