CARES ACT

A 34-year-old man was charged with one count of wire fraud after being accused of filing a fraudulent loan application in 2020.

A bipartisan bill to raise asset limits for SSI beneficiaries could be the first step in updating the outdated federal benefits program, Sen. Sherrod Brown said.

Senior Trump officials, "potentially including the president," helped get the loan approved, the Select Subcommittee on the Coronavirus Crisis said.

Some Covid tax relief has expired for the 2021 income tax filing season, but not all, and Main Street has been spared Build Back Better tax proposals.

Chairman Sherrod Brown (D-OH) questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, September 28, 2021. Sen. Sherrod Brown, the chairman of the Senate Banking Committee, said Tuesday afternoon that the committee will delay its votes on five of President Joe Biden's nominees to the Federal Reserve. This is breaking news. Please check back for updates.

Last week, U.S. Rep. Henry Cuellar's office released a spreadsheet listing federal Provider Relief Fund payments to Bexar County providers, totaling about $224 million.

The U.S. Department of Labor issued guidance Monday to reduce the number of households asked to repay pandemic-era jobless benefits paid in error.

The price of that house with the white picket fence is climbing, and the number available to buy is dwindling.

The central bank's two-day meeting ends Wednesday, where it is expected to give more clues as to when it will hike rates and begin shrinking the balance sheet.

The nation’s top financial regulators told Congress Friday that threats to financial stability remain elevated even though the country has recovered from the worst economic shocks stemming from the COVID pandemic.

One survey found that 89% of student loan borrowers who work full time say they are not ready for federal student loan payments to resume.

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell return to Capitol Hill on Wednesday.

Fed Chair Jerome Powell believes that the omicron variant of Covid-19 and a recent rise in coronavirus cases pose a threat to the U.S. economy.

Dear Fed Chair Jerome Powell,While I understand that inflation is currently running well above the Fed's most lofty expectations, please don't listen to those who are comparing this "inflation" to price increases of prior economic cycles. At a cycle's peak, it's not unusual for both goods and service producers to operate at 100% of available capacity. In the case of paper, liner-board and container companies, along with chemical firms, they run in excess of 100% capacity and still can't keep pace with rising demand. Auto sales are running at about a 13.4 million unit annual rate, well below the 17 million units sold in peak times. Further, the undersupply of housing units, both single and multi-family, is pushing prices to record levels just as the millennial generation in entering the family formation years.

President Joe Biden didn't say if he planned to renominate current chair, Jerome Powell.

The Federal Reserve is likely to step away from a historic level of economic support and into a new regime.

Federal Reserve officials agreed at their last meeting that if the economy continued to improve, they could start reducing their monthly bond purchases as soon as next month and bring them to an end by the middle of 2022.

Yellow Corporation, previously known as YRC Worldwide, received a $700 million loan from a Treasury Department program meant for businesses crucial to national security. Members of a congressional oversight committee are skeptical.

Congress faces an Oct. 18 deadline to extend the debt ceiling. Here's what that could mean for Social Security checks if that does not happen.

The Senate parliamentarian has told Democrats that their newest proposal for helping millions of immigrants stay in the U.S. permanently could not be included in their $3.5 trillion social and environment bill.

Federal Reserve Chair Jerome Powell is defending the ultra-low interest rate policies he has pursued since the pandemic decimated the economy more than 18 months ago.

Fed Chairman Jerome Powell still expects inflation to ease eventually, but said he sees the current pressures running into 2022.

Treasury Secretary Janet Yellen says that President Joe Biden’s spending proposals represent will address long-overdue U.S. infrastructure needs and prepare the country to meet future challenges.

"I understand the system, but it's not fair to our families to have this pending over their heads," one inmate said.

The charitable tax deduction for 2021 may be less generous than the 2020 write-off for some filers, according to tax experts. Here's what donors need to know.

The CARES Act prohibited the Education Dept. from withholding wages for federal student loan borrowers who couldn't pay during the pandemic.

Three jobless aid programs created in the March 2020 CARES Act are set to expire on September 6.

Unemployment-benefit filings are still double prepandemic levels. The RAND economist Kathryn Anne Edwards said it all changed after Trump's stimulus.

A rental crisis spurred by the pandemic prompted many states to make bold promises to help renters, but most failed to deliver on them after Congress passed the sweeping CARES Act in March 2020.

First-time applicants and those reaching underserved communities are encouraged to apply.

Respondents forecast the first major change be to reduce its $120 billion in monthly asset purchases in January 2022.

The Labor Department determined it doesn't have the legal authority to stop states from ending unemployment benefits through federal programs, an official said.

The Boston Herald cited IRS records showing 1.2 million people either refused to accept, paid back, or didn't cash the initial $1,200 stimulus check.

Texas lawmakers have passed a bill that would allow residents to carry handguns without a licence, background check, or training – sending the legislation to Governor Greg Abbott’s desk to sign. This measure has been long sought out by conservative gun owners, despite previous objections from law enforcement and gun control groups about the risk this new legislation could pose to the public. Mr Abbott has already indicated that he would sign the bill once it reached his desk.

An official told CBS News the federal government paying the benefits to some unemployed Americans directly is "pretty much off the table."

Former Trump administration officials feel shocked and betrayed after discovering they owe the federal government thousands of dollars in unpaid taxes.

The Navajo Nation has by far the largest land mass of any Native American tribe in the country. The figure surpasses the Cherokee Nation's enrollment of 392,000. The Oklahoma tribe has been receiving about 200 more applications per month from potential enrollees, leaving Navajo's position at the top unstable.

The Federal Aviation Administration has awarded the City of Brownsville $1.6 million to enhance the Brownsville South Padre Island International Airport, which will be used to replace the two existing passenger boarding bridges.

Around a dozen Republican-led states are exiting federal unemployment programs a few months early. There may be a workaround for some recipients.

Eligible businesses could see a significant tax break for 2020 and 2021 by claiming the employee retention credit. Here's what to know.

Nearly 5,000 inmates may be sent back to prison. After rebuilding their lives, and being contributing members of society, how is being returned justice?

A Wisconsin man pleaded guilty today for his role in fraudulently obtaining over $600,000 in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. According to court documents, Stephen Smith, 42, of Milwaukee, admitted that he fraudulently sought, on behalf of three different companies, over $600,000 in PPP loans through applications to an insured financial institution. Trial Attorneys Laura Connelly and Leslie S. Garthwaite of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Stephen Ingraham of the Eastern District of Wisconsin are prosecuting the case. The Fraud Section leads the Justice Department's prosecution of fraud schemes that exploit the CARES Act. In the months since the CARES Act was passed, Fraud Section attorneys have prosecuted more than 100 defendants in more than 70 criminal cases.

The colleges will begin distributing student emergency aid to students applying for it within the first two weeks of April. She said the allocated $11.3 million for student emergency aid from the CRRSA Act are a minimum because the act requires institutions to spend at least the same amount of money in student aid as was spent through the Coronavirus Aid, Relief, and Economic Security, or CARES Act, the first stimulus package approved in March 2020. More money from the $87.96 million is planned to be allocated into student emergency aid by the Senior Leadership Team, composed of Chancellor Mike Flores, vice chancellors and the presidents of the five colleges, she said. She said the website in use for emergency aid information will be updated with CRRSA Act information and criteria in early April. Apart from student aid, Camacho said institutionalized funds will go toward the planning of an increased population cap by the summer and fall.

If you withdrew money from your 401(k) or IRA for reasons related to Covid, you're required to include at least a portion of taxes due on your 2020 return.

This tax season you can claim a recovery rebate credit for missing stimulus check funds. Here's how the IRS will sign off on how much you may receive.

SAN ANTONIO – There is reason to check your credit reports if you made allowable deferred payments for homes, cars, college, credit cards and more during the COVID-19 pandemic. If the payments were reported as late, it could negatively hurt your credit score. Companies that offered federally-backed mortgages and student loans granted deferred payments with no impact to the borrower’s credit score. But, instead of listing the accounts as current, a Consumer Reports investigation found some companies reported those deferred payments as late, a mistake that can have a big impact on a credit score. To check for errors, log on to annualcreditreport.com to get free copies of your credit reports from all three bureaus, Experian, Equifax and Transunion.

Drew Angerer | AFP | Getty ImagesTreasury yields flared on Thursday as bond market players grappled with the Federal Reserve's willingness to allow inflation to heat up. The 10-year Treasury yield shot up from 1.64% late Wednesday to 1.75% Thursday, a 14-month high. The bond market barely moved Wednesday afternoon, after the Fed issued its 2 p.m. "We're coming to understand it means higher growth and higher inflation in the longer run, which means higher interest rates." Choppiness in the stock market as yields riseSo far, the stock market has reacted to the rate rise with choppy moves up and down.

Grigoryan, Hayrapetyan, and Paronyan were each also charged with 11 counts of wire fraud and eight counts of bank fraud. Vahe Dadyan was charged with six counts of wire fraud, three counts of bank fraud, and one count of money laundering. Richard Ayvazyan is charged with five counts of money laundering, and Tamara Dadyan is charged with one count of attempted bank fraud. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation of health care benefits, rent, utilities, and fixed-debt payments. The Fraud Section leads the Department of Justice’s prosecution of fraud schemes that exploit the CARES Act.

Graphic by Polina ProtozanovaSAMANTHA RUVALCABA – EDITOR-IN-CHIEFThe federal government has granted the university $1.6 million through its second Higher Education Emergency Relief Fund (HEERF) to provide emergency financial aid grants to students during the pandemic. Through the first act, Coronavirus Aid, Relief, and Economic Security (CARES) Act, the university distributed an estimated $1.5 million in emergency financial aid grants to students through Dec. 30. Outside of the two bills, exists the university’s Student Emergency Fund that was established prior to COVID-19 and is mostly funded by donors. This application is open to all university students even if they are not eligible for federal funds and is available on a rolling basis. Students can access the CRRSAA and Student Emergency Fund applications on the Gateway portal under the COVID-19 Resources section.

Last year, Delta cut managers' pay and also reduced thousands of workers' hours by 25% to help weather the pandemic's plunge in travel demand, a policy that was criticized by some lawmakers. "We also believe the payment of bonuses limited to management is inconsistent with the spirit of the CARES Act. Delta says it is following the CARES Act terms, which placed limits on top executive compensation. Delta says it continued to pay rewards to frontline and other employees for hitting operational targets but those amounts are lower than the bonuses. The carrier and its U.S. competitors are on track to receive additional federal payroll aid.

While younger people just entering the workforce may think that they do not need to worry about retirement savings until later in life, the sooner you start saving for retirement, the better. If your company offers a 401(k) plan, it can be an easy way to start saving for the future, even if you start small. For many Americans, 2020 was a tough year financially. How much money Americans have saved in every age groupFidelity also provided CNBC Make It with a look at how much money Americans have in their 401(k)s at every age. Below, check out the average amount of money Americans have saved in their Fidelity accounts as of the fourth quarter of 2020, as well as how much their contributions are in relation to their salaries.

U.S. student debt has ballooned for decades, but this year, legislators appear to be more serious about student debt forgiveness than ever before — prompting bold proposals and vigorous debate about potential impacts and costs. In March 2020, the CARES Act put into place a pause on federal student loan payments. "There should be broad student loan forgiveness," says Kevin Walker, a student loan expert and publisher of CollegeFinance.com. Two main proposalsThere are currently two student loan forgiveness proposals at play. "Forgiving $10,000 in federal student loan debt per borrower would cost $377 billion and would eliminate all federal student loan debt for about a third of borrowers," estimates higher education expert Mark Kantrowitz.

Governments raced to pass stimulus relief packages to keep economies running and citizens indoors. In December, Congress passed more relief centered around a $600 stimulus check that left many underwhelmed. But how do American efforts stack up to those of other countries? Check out this video for a breakdown of how much money other countries paid in stimulus. CHECK OUT: Why January is a particularly great time to invest your money via Grow with Acorns+CNBC.

Abramovs had been charged initially with bank fraud in a criminal complaint and was arrested on Jan. 17, 2021. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent, and utilities. A federal criminal indictment is merely an accusation. The Fraud Section leads the department’s prosecution of fraud schemes that exploit the PPP. In the nine months since the PPP began, Fraud Section attorneys have prosecuted more than 100 defendants in more than 70 criminal cases.

fstop123 | E+ | Getty ImagesIf you pulled money from your 401(k) plan or individual retirement account last year to get through tough times, now is the time to consider next steps. They were also given three years to replace the withdrawn money to the account without any penalties or taxes owed. "My first advice is don't withdraw money from your retirement plan," said Mark Luscombe, principal federal tax analyst for Wolters Kluwer Tax & Accounting. As is usually the case, employer-sponsored plans must approve the distribution as coronavirus-related and some may have mistakenly withheld the customary 10 percent withdrawal penalty prior to the IRS guidance. "They start off with good intentions but then they find that they don't have the money to replace it."

Samuel Yates, 32, of Maud, was charged in an indictment with two counts of wire fraud. In the application submitted to the first lender, Yates allegedly sought $5 million in PPP loan proceeds by fraudulently claiming to have over 400 employees with an average monthly payroll of more than $2 million. In the second application, Yates claimed to employ over 100 individuals and was able to obtain a loan over $500,000. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent, and utilities. Trial Attorney Louis Manzo of the Criminal Division’s Fraud Section and Criminal Chief Frank Coan and Assistant U.S. Attorney Jonathan R. Hornok for the Eastern District of Texas are prosecuting the case.

Jovita Carranza, administrator of the U.S. Small Business Administration, testifies at a Senate Small Business and Entrepreneurship Committee hearing on June 10, 2020 in Washington. Applications for a second grant — a Targeted EIDL Advance — will become available in coming days, Clements said. Hard-hit entrepreneurs may be frustrated by the inability to draw a second EIDL loan. Revenue among small businesses fell by nearly a third and 30% of small businesses shuttered last year, according to Opportunity Insights. PPP loansPPP applicants can get a maximum loan of $2 million in the second funding round.

All unemployment compensation received in 2019 must be reported on 2020 federal tax returns. Haywood also told KSAT that people who received unemployment benefits will not be eligible for the child credit. “Your state will send you Form 1099-G, which will show the amount of unemployment compensation paid to you during the year. If you repaid a portion of the benefits received, you can reduce the benefits received by the amount repaid,” according to H&R Block. While unemployment income is subject to federal and state taxes, Texas is one of 15 states that does not tax unemployment income because Texas does not have a state income tax.

It also extends unemployment benefits for gig workers through mid-March. However, according to entrepreneur Kevin O'Leary, more assistance should have been provided for unemployed Americans, rather than funding package provisions like the $600 stimulus checks and the $284 billion Paycheck Protection Program (PPP), he tells CNBC Make It. He would recommend Congress use the funds to extend unemployment benefits. For example, he said, "If you became unemployed after March and are still unemployed, you get $2,000 per month for the next 12 months or until you find work." However, Evermore notes that taking away other stimulus package provisions, like the stimulus checks or the forgivable PPP loans, creates a "false dilemma."

BEXAR COUNTY, Texas – Converse Mayor Al Suarez says he has a list of wish list items he hopes the CARES Act funds will cover for his residents. The amount given to the cities and towns was based on the population. The city needed to ensure it had the equipment necessary if the COVID-19 cases continued to go up in the area. Some cities -- such as St. Hedwig, Von Ormy and Grey Forest -- didn’t use any of the money budgeted to them, according to a county list. Budgets, money disbursed to 26 cities, towns in Bexar County (Bexar County)The federal government had given a Dec. 30, deadline for the funds to be used, so the county gave the cities and towns an Oct. 30 deadline to have documentation into the auditor’s office.

The holdups mean a weekend session now appears virtually certain, and a top lawmaker warned that a government shutdown this weekend can't be ruled out. Now, Republicans are motivated chiefly to extend business subsidies and some jobless benefits, and provide money for schools and vaccines. The urgency was underscored Thursday by the weekly unemployment numbers, which revealed that 885,000 people applied for jobless benefits last week, the highest weekly total since September. Some Democrats also mourned the exclusion of a $500 million aid package to help states run their elections. The emerging package would combine the $900 billion in COVID-19 relief with a $1.4 trillion government-wide funding bill.

WASHINGTON – Congressional negotiators closed in Wednesday on a $900 billion COVID-19 economic relief package that would deliver additional help to businesses, $300 per week jobless checks, and $600 stimulus payments to most Americans. But lawmakers briefed on the outlines of the aid bill freely shared them. President-elect Joe Biden is eager for an aid package to prop up the economy and deliver direct aid to the jobless and hungry, even though the package falls short of what Democrats want. The frightening, record surge in COVID caseloads and deaths, combined with troubling economic indicators, however, is mandating an agreement, though the emerging package contains less economic stimulus than the March aid bill. With Congress otherwise getting ready to close up shop, lawmakers are eager to use the relief package to carry other unfinished business.

The duo were the architects of the $1.8 trillion CARES Act, the landmark relief bill passed in March. Here are the top issues for the end-stage COVID-19 relief talks. ___JOBLESS BENEFITSThe CARES Act created a $600 per-week bonus COVID-19 unemployment benefit that sustained household incomes and consumer demand during the springtime shutdowns. House Democrats support the idea, but it is unpopular with many Senate Republicans and was left out of a scaled-back Senate GOP plan. ___LIABILITY SHIELDBusinesses reopening during the pandemic have for months been seeking a shield against lawsuits claiming negligence for COVID-19 outbreaks.

The duo were the architects of the $1.8 trillion CARES Act, the landmark relief bill passed in March. Here are the top issues for the end-stage COVID-19 relief talks. ___JOBLESS BENEFITSThe CARES Act created a $600 per-week bonus COVID-19 unemployment benefit that sustained household incomes and consumer demand during the springtime shutdowns. House Democrats support the idea, but it is unpopular with many Senate Republicans and was left out of a scaled-back Senate GOP plan. ___LIABILITY SHIELDBusinesses reopening during the pandemic have for months been seeking a shield against lawsuits claiming negligence for COVID-19 outbreaks.

HOUSTON – The Houston City Council on Wednesday approved a relief fund that will provide thousands of residents who are struggling financially during the coronavirus pandemic with a one-time $1,200 payment that can be used for rent, food or other needs. On Tuesday, officials in Albuquerque, New Mexico, announced residents could apply for $2,000 grants for families dealing with financial hardships. Many Houston residents have been struggling with food insecurity, lost jobs and worries about being evicted during the pandemic. Days before Thanksgiving, Houston held a mass food giveaway in which vehicles lined up for hours before the event started. The Houston City Council on Wednesday also approved $10 million in additional funding for a program to help small businesses with payroll and other expenses.

(AP Photo/Susan Walsh, Pool)WASHINGTON – Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Mnuchin argued that the programs he decided not to extend into next year were being lightly utilized. He said the $455 billion allocated for those Fed loan programs could be better used elsewhere if Congress moved the funds into relief programs for small businesses and unemployed workers. “You appear to be trying to sabotage our economy on the way out the door,” Sen. Sherrod Brown, D-Ohio, told Mnuchin. The Treasury and the Fed announced on Monday that four other lending programs the Fed has been using would be extended through March.

Faulting inaction in Washington, governors and state lawmakers are racing to get needed pandemic relief to small businesses, the unemployed, renters and others affected by the widening coronavirus outbreak. Funded through the CARES Act, it offered grants to small businesses, bars and restaurants, low-income renters, arts groups, and colleges and universities. “It’s shameful that they have not acted in Congress, especially (Senate Majority Leader Mitch) McConnell and the Republican Senate, to throw a lifeline to small businesses,” he said. Republicans have proposed a $300 million aid package to small businesses and nonprofits, but the legislation is stalled. “This isn’t like all the blue states are hurting and all the red states are humming along.

The Fed announced no new actions after its latest policy meeting but left the door open to provide further assistance in the coming months. The Fed's policy statement, issued after a two-day meeting, made no mention of lawmakers' failure to act. The Fed’s latest policy meeting coincided with an anxiety-ridden election week and an escalation of the virus across the country. “All of us have a role to play, to keep appropriate social distance and to wear masks in public.”The central bank's policy statement Thursday was approved on a 10-0 vote. Another dissenter in September, Neel Kashkari, head of the Minneapolis Fed, was absent, with his alternate, Mary Daly of the San Francisco Fed, approving the statement.

(Drew Angerer/Pool via AP)WASHINGTON – Federal Reserve Chair Jerome Powell warned Tuesday that a tentative recovery from the pandemic recession could falter unless the federal government supplies additional economic support. Yet hours after Powell's remarks, President Donald Trump announced that he was cutting off talks with Democrats over a new economic aid package until after the November elections. But the U.S. economy still faces threats, and without further aid, those downward trends could still derail the recovery, Powell said. In recent months, in speeches and in testimony to Congress, Powell has repeatedly urged lawmakers to enact an additional economic aid package. “Still, since it appears that many will undergo extended periods of unemployment, there is likely to be a need for further support,” Powell said.

Mnuchin agreed that business loans and enhanced unemployment support would be good priorities for Congress to back in any new package. Pressed to state what the top priorities should be, Powell cited providing more support through the popular Paycheck Protection Program for small businesses and boosting unemployment benefits. The original relief package provided a $600-a-week federal unemployment benefit, on top of whatever jobless aid a state provides. Powell repeated his view that providing more support was essential to keep the economy on a sustained upturn. Mnuchin was pressed by some senators to further simplify government forms that businesses need to provide to qualify for having their Paycheck Protection Program loans forgiven.

SAN ANTONIO – If you lost your source of income or had reduced income because of the ongoing coronavirus pandemic, making payments on your federal student loans may be nearly impossible. The CARES Act gives federal student loan borrowers some relief when it comes to making payments, and most recently, President Donald Trump extended the Sept. 30 end date of the program to Dec. 31. The Federal Trade Commission says if you have qualifying federal student loans, you are not obligated to make a payment until after Dec. 31. The FTC says you don’t need to do anything to enroll in this relief program, but you must make sure your federal student loans are included. Contact your federal loan servicer or visit studentaid.gov to find out if your loans are included.

A man from Illinois is suing President Donald Trump for denying stimulus payments to American citizens who are married to immigrants who don’t have social security numbers, Fox 10 reports. The plaintiff, named in the class-action lawsuit under the alias “John Doe,” and his spouse reportedly file their tax returns jointly. The couple, who have two children who are also American citizens, would have received $3,400, as long as both their child are younger than 17-years-old. According to Fox 10, the suit claims that the plaintiff and other Americans married to immigrants have been discriminated against. For married couples who file jointly, their income must be less than $99,000.

SAN ANTONIO – The San Antonio International Airport will receive millions of dollars in federal aid as the coronavirus pandemic has nearly paralyzed the travel industry. The airport will receive $39,708,109 under the CARES Act that was passed in late March, according to the Federal Aviation Administration. Kelly Field will receive $20,000 and the Stinson Municipal Airport will receive $30,000. View a list of Texas airports receiving funding on an interactive map, along with funding for all U.S. airports on FAA’s website. COVID-19, the respiratory disease caused by the new virus, stands for coronavirus disease 2019.