Broker Check

Moneco's Weekly Wealth of Knowledge - Week of 7/20/2020

July 20, 2020

The Weekly Wealth of Knowledge is your download of this week's most important topics related to financial planning, the markets, and our community. In this issue:

  • LPL's Midyear Outlook (15 min read)
  • The CARES Act (2 min read)
  • How to Cut Expenses (2 min read)


The Midyear Outlook

Dear Valued Investor,

We are at the midpoint of 2020, and it would be an understatement to say it’s been a challenging year so far in the United States and around the world. We’ve faced health, social, and economic crises that continue to impact our communities and our economy. That’s why we’re looking ahead for new ways to face these challenges together and to prepare now for better times. LPL Research’s Midyear Outlook 2020: The Trail to Recovery charts a path forward.

Click here to read more!

The CARES Act 

With the economy and financial markets flashing mixed signals, it’s no wonder that lawmakers are deadlocked on whether to pass a Phase 4 of the CARES Act. More than $3 trillion in stimulus has been pushed into the economy since March.(1) Critics of a Phase 4 package say the economy needs time to digest an unprecedented amount of federal spending. On the other hand, supporters say more is needed to help 21 million unemployed Americans and the many small businesses that continue to struggle with the pandemic’s impact.(2)

Here are a few changes being considered in Washington:

  • Another round of stimulus checks (the first round was in Phase 3)
  • A payroll tax cut, a new idea being considered by the White House
  • Liability shields for businesses against coronavirus impacts (5)
    Workplace safety standards (steps taken by businesses vary widely)
  • Additional funding for state and local governments (more than one
    million public-sector employees have been laid off since the
    outbreak) (7)

This is a confusing time as proposals can often get mingled with actual updates to existing rules. For example, did you know that the Small Business Administration extended until August 8, 2020, its deadline to apply for the Paycheck Protection Program? (8) The extension was approved just recently.

If you have any questions, please reach out. Meanwhile, we’re keeping close tabs on whether a Phase 4 package moves to vote in Congress.

How to Cut Expenses

With extra time on our hands, it is the perfect time to reassess our budgets. If you're looking for ways to tighten your budget, the solution can often be found within your own home. Here are the 6 easy ways that you can cut expenses in your household.

If you have any questions, feel free to give us a call!

Click here to learn more!

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1., July 2, 2020
2., June 9, 2020
3., July 2, 2020
4., June 8, 2020
5., June 12, 2020
6. The Wall Street Journal, April 12, 2020
7., July 2, 2020
8., June 30, 2020
The content is developed from sources believed to be providing accurate information.
The information in this material is not intended as tax or legal advice. Please consult
legal or tax professionals for specific information regarding your individual situation.
This material was developed and produced by FMG Suite to provide information on a
topic that may be of interest. FMG Suite, LLC, is not affiliated with the named
representative, broker-dealer, state- or SEC-registered investment advisory firm. The
opinions expressed and material provided are for general information and should not
be considered a solicitation for the purchase or sale of any security.