The coronavirus (COVID-19) outbreak is crushing the U.S. economy. The stock market is tanking (we’re now in a bear market), businesses are closed, unemployment claims are spiking, consumer spending is down sharply, 2020 GDP estimates are dropping fast, and recession fears are rampant. We’re in a bad place.
But the federal government is making moves that we all hope will turn things around. Congress and the Trump administration are working together on stimulus legislation, the Federal Reserve has lowered interest rates, and the IRS is providing relief to taxpayers. Other government agencies and institutions are pushing forward with additional measures to stop the bleeding and get the economy back on track. It will take time, and we have a bumpy road ahead, but action is being taken.
While some of the economic stimulus will prop up businesses, many initiatives will flood the economy with cash and directly benefit ordinary Americans who are facing a financial hit. Some action has already been taken, but there are other ideas being discussed at the highest levels of government that could be rolled out later. Here are 10 coronavirus stimulus measures that could help you financially in 2020. Some have already been enacted, while others are still just proposals, but all of them could have a positive impact on your financial health.