Coronavirus: Personal finance tips, news, policy, graphics & more from Yahoo Finance
As the coronavirus pandemic continues to wreak havoc around the world, the Yahoo Finance team is dedicated to providing you with coverage of the crisis from all angles.
Here you’ll find personal finance tips, analysis of the pandemic’s impact on the U.S. and world economy, the policy responses from the U.S. government and Federal Reserve, and stories on businesses large and small. We also feature a number of regularly updated lists covering everything from which companies are hiring, who’s helping to address the pandemic, and what the Fed has in its arsenal to bolster the economy. The last section features several graphics that illustrate aspects of the crisis — feel free to share these on social media.
This page will be continuously updated to provide you with up-to-date, comprehensive coverage of the pandemic. Please check back.
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Personal finance
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Economy
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Policy response
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Business
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Graphics to share
Personal finance
How to boost your home internet speeds while you’re stuck at home: Tech Support (4/9/2020)
If you're working from home, and need better internet speeds, these tips can make a big difference.
Coronavirus: How the law can protect you if you can't pay your rent or mortgage (3/9/2020)
Individuals and businesses finding they can’t make rent or mortgage payments as coronavirus lockdowns continue to cut into the economy, must rely, for now, on a patchwork of federal and local legal protections that may help them hold onto their property.
Coronavirus fallout: One-third of Americans missed rent payments in April (3/8/2020)
As the novel coronavirus pandemic causes mass layoffs and financial disruption, 31% of U.S. renters did not pay April rent on time.(Not automatically expanded because 3 MB is too large.
Coronavirus hospital bills: A look at the costs for Americans (3/30/2020)
A report from the Kaiser Family Foundation estimated that the total cost of coronavirus treatment in a hospital could top $20,000 when factoring in out-of-pocket costs and insurance coverage.
Coronavirus stimulus bill: 7 ways student loan borrowers benefit (3/29/2020)
For more than 44 million borrowers with $1.5 trillion in outstanding student debt, Congress is offering relief on top of what the White House and the Education Department have already announced.
'Antidote to anxiety is control': The psychology behind the coronavirus panic buying (3/19/2020) With coronavirus fears swirling and palpable, panic buying is one way people can get a handle on a rapidly changing, and increasingly scary, situation.
“The antidote to anxiety really is control, and what people can control right now is buying things,” said Kit Yarrow, consumer psychologist and professor emerita at Golden Gate University, in an interview with Yahoo Money.
How the extended tax deadline affects payments, retirement contributions, and more (3/26/2020) The government recently extended the tax deadline for federal returns and any tax payments to July 15 from April 15, and the Internal Revenue Service is now offering key details on the change.
'A recipe for stress': Psychologist details toll of working from home amid coronavirus (3/27/2020) The coronavirus pandemic has an obvious physical impact, but there are psychological effects, as well. While isolation measures are crucial for flattening the curve and containing the spread of the virus, the circumstances negatively affect mental health.
How the coronavirus stimulus package makes it easier to tap your retirement savings (3/27/2020) The $2 trillion stimulus package comes with a host of temporary provisions for retirement accounts that provide relief for retirees and non-retirees alike. The package relaxes required minimum distributions, allows for larger 401(k) loans, and — most notably — loosens restrictions and penalties on early withdrawals from retirement funds.
Coronavirus aid checks: Who is eligible, when to expect it, and more (3/27/2020)
Many Americans will soon get government checks to help them financially weather job loss, reduced work hours, and other money challenges as the country tries to stem the spread of the coronavirus outbreak.
What to do if you lose your health insurance during the coronavirus outbreak (3/26/2020)
The accelerating numbers of layoffs across the country are not just hammering people’s finances. Many Americans are losing their healthcare coverage, too — and in the middle of a pandemic.
Here's who's hiring as millions of Americans lose jobs amid the coronavirus outbreak (3/26/2020) Not every sector is struggling and the recently laid off may be able to find work to meet the growing demand from certain industries. Some companies have such a need for workers that they are forgoing background checks and hiring qualified candidates on the spot. Here’s where to look.
Experts provide tips for the coming coronavirus cash crunch (3/23/2020)
With a rapid rise of unemployment claims and accelerating number of layoffs hitting restaurants, hotels, airlines, and other industries due to the coronavirus, many Americans may have trouble paying bills and covering daily expenses.
‘A lot of pressure’: Parents juggle their homebound children amid the coronavirus (3/25/2020) Vanessa Ressler, a mother and volunteer, is now an impromptu kindergarten, fourth-, and sixth-grade teacher to her three girls who are homebound after their school shut down to help slow the spread of the coronavirus.
The one reason you might want to check your 401(k) (3/23/2020)
The stock market’s craziness could have completely thrown off your allocations. It might be time to rebalance.
Coronavirus: Homeowners can delay mortgage payments up to 12 months (3/20/2020) Homeowners facing financial hardship because of the coronavirus pandemic could delay their mortgage payments for up to a year.
Fannie Mae and Freddie Mac, the government-sponsored enterprises that back millions of mortgages, this week said loan servicers could suspend payments for up to 12 months for homeowners experiencing a loss of income due to the outbreak of COVID-19.
How to clean your iPhone to deal with the coronavirus and other germs (3/12/2020)
While doorknobs, light switches, and the like all get wiped down, you may not think to give your smartphone a thorough cleaning. But you should, as it’s a device that you hold in your hand all day and put up to your face.
3 things to remember about investing in a turbulent market (3/11/2020)
For average investors, like people saving for retirement, big market gyrations can be scary. For millennials, especially, this may be the first time they’ve experienced the bottom fall out of the market.
Economy
3 U.S. states are more 'structurally vulnerable' to coronavirus than the rest (3/13/2020)
As the coronavirus outbreak and response continues, a new report reveals that Maine, Nevada, and Vermont are the most vulnerable states in America.
The report by Oxford Economics — which looked at 10 factors like trade openness, demographics, share of hospitality and tourism, retail, manufacturing, internet access, among other measures — found that among all 50 states, three states scored markedly higher in terms of structural vulnerability.
Coronavirus job losses hit these states the hardest (4/10/2020)
Michigan and Southern states Georgia and Alabama have been particularly hit hard by job losses tied to the coronavirus crisis.
The U.S. economy is entering the 'deepest recession on record' (4/2/2020)
The U.S. economy is struggling right now. On Thursday, we learned that initial filings for unemployment insurance totaled a record 6.648 million for the week ending March 28, more than doubling the prior week’s reported total of 3.238 million that had also marked a record high. Distressingly, last week’s data was also revised higher on Thursday to 3.307 million.
Public health expert: 'Coronavirus is going to hit every city in America' (3/29/2020) New York City is currently the epicenter of the coronavirus pandemic, or COVID-19, and a public health expert is warning that the virus is going to spread to every other U.S. city.
Ignore these horrific-sounding economic numbers (3/25/2020)
The terror began with Goldman Sachs predicting a 24% decline in second quarter GDP—on an annualized basis. Then Morgan Stanley raised it to a 30% decline. Now Capital Economics is forecasting a 40% decline in second quarter GDP, annualized.
Coronavirus' economic effects to be 'unparalleled': St. Louis Fed Chief (3/25/2020)
St. Louis Fed President James Bullard warned Wednesday that the impact of the novel coronavirus on the U.S. economy would be of historic proportion, but said the Federal Reserve still has some tricks up its sleeve.
'We're seeing declines in almost every industry': ZipRecruiter labor economist (3/24/2020)
Retail giants Walmart (WMT), Amazon (AMZN), and CVS (CVS) are posting hundreds of thousands of new jobs to keep up with coronavirus-related demand, though historical and current data show they’re an exception to the rule.
Economist: ‘We’re gonna have a shutdown in the housing market’ (3/23/2020)
The novel coronavirus outbreak will likely bring the U.S. housing market to a halt, according to one economist.
Experts warn of historic collapse in economic activity (3/22/2020)
As the coronavirus continues to spread, there is no question the U.S. economy is taking a major hit. Here’s a sampling of a slew of incredibly grim forecasts for the second quarter from economists calling what lies ahead everything from “historic” to “unprecedented.”
'Our number is bad': Over a million small business workers could lose jobs amid coronavirus (3/20/2020)
A majority of U.S. unemployment benefit claims filed in the wake of the coronavirus outbreak could come from employees of small businesses, according to one estimate — further hurting a sector that has been losing ground to major corporations over the past several decades.
A 'deep' US recession is in the cards at the hands of coronavirus: top economist (3/16/2020)
The debate on Wall Street is no longer if the U.S. will enter a recession at the hands of the coronavirus, but rather how deep the economic downturn this spring will be.
Policy Response
Here's why top officials are concerned about the coronavirus' growing racial gap (4/11/2020)
The coronavirus pandemic hammering the global economy is taking a hefty toll on people of color in the United States — a disturbing trend that’s being addressed more frequently by officials at the highest levels of government.
Powell: Fed will act 'forcefully, proactively, and aggressively' to support the US economy (4/9/2020)
Shortly after the Federal Reserve announced $2.3 trillion in funding to support the economy, Fed Chairman Jerome Powell says the central bank will continue to act "forcefully, proactively, and aggressively."
Bill Gates: 'We're in big trouble' until the U.S. has better coronavirus testing (4/9/2020)
Microsoft (MSFT) founder and billionaire Bill Gates warns that America needs to get its coronavirus testing sorted quickly — until then, “we’re in big trouble.”
Federal Reserve to temporarily lift asset cap on Wells Fargo to spur emergency small business lending (4/8/2020)
The Federal Reserve says it will temporarily lift its asset cap on Wells Fargo to allow the massive lender to underwrite emergency small business loans.
Jack Dorsey's $1 billion pledge sparks conversation around UBI (4/8/2020)
The small but vocal cohort of proponents of UBI has found a well-heeled tech titan to ignite the movement — Twitter and Square CEO Jack Dorsey.
'I'm deeply concerned': Public health experts warn of coronavirus spread in more US cities (3/28/2020) The growing number of cases is worrying many public health experts, including NYU Langone Health Assistant Professor Alison Bateman-House.
Bill Gates on coronavirus: We need an 'extreme shutdown' of 6 to 10 weeks (3/26/2020) Philanthropist and billionaire Bill Gates believes that America needs six to 10 weeks of “extreme shutdown” of regular life to get a handle on the new coronavirus outbreak (or COVID-19), contradicting comments from President Trump.
Coronavirus response: 3 new ways the IRS is giving taxpayer relief (3/26/2020)
With some fanfare, the Treasury Department announced last week that the income tax filing day will be delayed from April 15 to July 15 for individuals and businesses.
Here's what's in the $2 trillion coronavirus stimulus deal for businesses (3/26/2020) The most contentious part of the negotiations leading up to the bill’s passage were provisions to send hundreds of billions of dollars directly to impacted businesses.
Obama economist on $2 trillion coronavirus stimulus: 'I'm still not sure if it's enough' (3/26/2020) As the U.S. prepares an unprecedented $2 trillion stimulus package to respond to a similarly unprecedented shutdown in economic activity, Americans are wondering if it’s going to be enough to avoid disaster.
Former US official: The coronavirus financial crisis has to be handled differently (3/26/2020) One former official warned against making the same mistakes made a decade ago.
Fed makes 'aggressive' move to back corporate debt markets, Main St. (3/23/2020)
The Federal Reserve called a third emergency meeting to combat the economic impact of the novel coronavirus and unveiled a number of new and “extensive” measures on Monday that would expand the Fed’s efforts to calm corporate debt markets.
Fed boosts U.S. dollar swap lines (3/20/20)
The Fed announced that it would be increasing the frequency of its 7-day maturity operations with the world’s major central banks: the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank. The swap lines will now be offered daily instead of weekly.
Federal Reserve reopens crisis-era primary dealer credit facility (3/20/2020)
The Federal Reserve continued its efforts to soften the impact of the coronavirus on the U.S. economy by re-opening its crisis-era primary dealer credit facility to provide short-term loans to banks and broker-dealers.
IRS extends tax deadline to July 15 from April 15 (3/20/2020) Treasury Secretary Steven Mnuchin announced that tax day will be delayed from April 15 to July 15. He made the announcement on Twitter on Friday, days after announcing a deferral on tax payments but not on filing day.
Two emergency meetings in two weeks: How the Fed ended up back at zero (3/16/2020)
An emergency 50 basis point cut from the Federal Reserve on March 3 was not enough to stop market turmoil, and on Sunday night, the central bank made another abrupt announcement by slashing rates to zero.
Federal reserve still has 'bazookas left in the war chest' to counter coronavirus (3/16/2020) The Federal Reserve re-opened the crisis-era playbook on Sunday by abruptly announcing that it was slashing rates to near-zero and restarting asset purchases to counter the economic shock of the coronavirus. But Wall Street economists say the Fed is not out of ammunition if economic conditions deteriorate further.
Federal government clarifies when workers must get paid during shutdown (3/13/2020) The U.S. Department of Labor (DOL) posted new guidance this week clarifying compensation requirements for employees who have worked only partial work weeks due to coronavirus-related business closures.
Business
Coronavirus pandemic may put an end to dividends (4/9/2020)
Your once sacred quarterly dividend check may be a thing of the past (for now) as the coronavirus pandemic forces Corporate America to rethink how they allocate precious cash.
Why Costco is the ultimate coronavirus pandemic stock to own (4/8/2020)
Costco's stock looks ripe for further gains during the coronavirus pandemic, strategists say.
Why Hilton could be best positioned to survive the coronavirus downturn (4/8/2020)
Hilton's balance sheet gives it an advantage over rivals during the coronavirus outbreak, one analyst says.
Restaurant owners fear small business sweeteners for coronavirus package won't be enough (4/8/2020) Some restaurant owners fear additional coronavirus stimulus money will arrive too little, too late.
Coronavirus will reshape how people, companies, governments behave (4/7/2020)
The coronavirus crisis could have a profound effect on society in many ways, potentially re-establishing a new "New Normal" after it passes. Changes will echo in the behaviors of people, governments, and companies.
Danny Meyer: 'Restaurants are not going to be back full force by June' (4/7/2020)
Union Square Hospitality Group founder and CEO Danny Meyer discusses the state of the restaurant industry amidst the height of the coronavirus outbreak.
'Nightmare': 3 small-business owners describe process of applying for PPP coronavirus loans (4/7/2020) The Trump administration’s $349 billion Payment Protection Program launched last Friday to provide emergency loans to American small businesses devastated by coronavirus — if business owners can navigate the confusing application process.
What it takes to be a leader amid the coronavirus (4/4/2020)
Running a big company is never easy. Spend too much on R&D and investors scream for not buying back stock. Do a massive share repo and people say you should be investing in the business. (Sometimes the same people complain about both.) But that’s all piddly stuff now.
Today, CEOs are making decisions about whether people can put food on the table. About whether people get horribly sick. Or even die.
Wynn Resorts, Starbucks and other companies stepping up to help their workers impacted by coronavirus (4/2/2020)
To alleviate the slowdown, lost hours, or other hardships being felt by employees some companies have been stepping up to make sure their workers are taken care of.
Target and Kroger take social distancing to next level in war against coronavirus (3/25/2020) Both essential retailers are leaving no stone unturned in the war to stop the spread of the deadly coronavirus.
Target CEO: 'America is out of business,' but sales surge in these areas during the coronavirus pandemic (3/25/2020) The Corporate America steamroller that is the coronavirus has found its way to Target.
Coronavirus bright spot: Hasbro CEO says toy sales are hot (3/24/2020) Nothing like a nice competitive family game of Monopoly while being quarantined because of the coronavirus pandemic. Apparently that is the new normal for many U.S. households, suggested Hasbro (HAS) Chairman and CEO Brian Goldner in an interview with Yahoo Finance.
The coronavirus just doubled the risk of mass bankruptcy (3/24/2020)
The risk of mass bankruptcies across the U.S. continues to rise as more companies grapple with the fallout stemming from efforts to battle the spread of coronavirus cases, according to one leading bankruptcy professor.
Coronavirus: 'There's going to be a generalized crushing of retailers in America' (3/24/2020)
The coronavirus is a disaster for a retail sector — mostly the department store space — that continues to be saddled with excess bank debt and a burdensome number of costly leases.
Coronavirus fears spur shoppers to wait in 2-hour line for firearms (3/21/2020)
As fear over the new coronavirus, or COVID-19, grips the U.S., a diverse crowd spanning varying ages and ethnicities waited out a 2-hour line to purchase firearms and ammunition outside a Sloatsburg, New York, outdoor gear and weapons shop on Saturday.
Coronavirus pandemic is seen as 'an opportunity for us to digitally transform': Slack CFO
(3/13/2020) Slack CFO Allen Shim tells Yahoo Finance the coronavirus pandemic will cause many corporations to rethink what the modern day workforce should look like. He is on the mark.
Sir Richard Branson to postpone the launch of his Virgin Voyages cruise line (3/12/2020)
Sir Richard Branson’s new cruise startup Virgin Voyages is postponing its launch due to the coronavirus pandemic.
Lists
These businesses are refunding customers amid coronavirus
The coronavirus pandemic has frozen large swaths of the economy as people limit contact with others to slow the spread of the disease. With everyone at home and only “essential” businesses open in many parts of the country, some businesses have offered refunds for certain services that cannot be rendered.
President Trump has singled out these companies for their coronavirus response
During his daily White House appearances, President Trump has not shied away from calling out companies by name. Here’s a running tally of the companies he’s focused most of his attention on.
Here's a list of CEOs taking pay cuts amid the coronavirus crisis
The coronavirus outbreak has hammered the restaurant, hotel, and airline industries. Their revenues are drying up as people everywhere take on social distancing to slow the spread of the virus. Some CEOs have responded to this crisis by taking a pay cut.
Combating the coronavirus: Automakers, fashion companies, others make ventilators and medical supplies
Manufacturers from fashion to autos have turned to making medical supplies to help combat COVID-19.
How companies are stepping up to ease coronavirus hardships
As companies around the country and world suffer from the effects of the deadly novel coronavirus, some businesses are stepping up to help alleviate some of the economic fallout. Here’s a list of some of their efforts so far.
A glossary of the Federal Reserve's full arsenal of 'bazookas'
Here’s a full breakdown of all the tools (as of March 24) announced by the Fed as it battles the economic impact of the coronavirus:
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