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Treasury plans to reclaim stimulus payments sent to deceased

“The U.S. Treasury Department is planning to instruct people whose deceased relatives received coronavirus stimulus payments to return the money to the federal government, according to a department spokesman. The Treasury is aware that some individuals who have recently died received the $1,200 economic impact payments and plans to issue guidance in the coming days, […]
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Fed Preparing to Finance New Small-Business Payroll Loans

“The Federal Reserve said Monday it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program . The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program, part of a $2.2 trillion economic relief […]
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Venmo and Cash App Want to Deliver Government Stimulus Payments

“Online payment services like Venmo and Cash App have exploded in popularity over the past few years, but they haven’t quite hit the legitimacy threshold, at least in the eyes of the federal government, of checks or direct deposit. They’re hoping to change that with the government’s new stimulus package, and are going on a […]
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U.S. Consumer Sentiment Unexpectedly Rises Amid Relief Payments

“U.S. consumer sentiment posted a surprise increase in early May amid widespread virus-relief payments and discounts for big-ticket items, though pessimism deepened about the longer-term outlook for incomes and the economy. The University of Michigan’s preliminary sentiment index rose 1.9 points from an eight-year low to 73.7, according to data Friday. That compared with the […]
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U.S. state unemployment payments in April jump 5-fold from February

“Unemployment payments jumped to at least $16.2 billion in April, up more than five-fold from February, as layoffs attributed to the coronavirus pandemic swept through the economy. The figure is still preliminary, with April payment data for six states including Florida and Michigan still not available on a Department of Labor Web site that provides […]
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On The Wires

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