March 16, 2021
The Gateway For Payroll Data
In some cities, the pandemic’s economic pain may continue for a decade

As COVID-19 vaccines are distributed and infection rates trend downward, predictions for what post-pandemic America will look like have begun.

In late February, Wall Street analysts calculated that GDP growth will surpass pre-pandemic expectations by 2022. On the workforce front, the McKinsey Global Institute projected significant long-term shifts in demand, with more health professionals and STEM workers and proportionately fewer food, production, customer service, and office support workers.

These are national, big-picture forecasts. But what about U.S. states and cities? What will the COVID-19 aftermath mean for regional employment growth and local labor markets?

It’s unlikely that all cities and regions will fare equally well. To the contrary, in a nation of varied local economies, the pandemic’s long-term impacts will likely also vary.

Paving the Payments Future
Lawmakers introduce plan to extend PPP deadline to May 31

Lawmakers in the House and Senate have come together in a bipartisan effort to extend the Paycheck Protection Program’s deadline by two months to May 31.

The proposal to extend the small-business relief program, which ends March 31, was introduced Thursday by House Small Business Chair Nydia Velázquez, D-NY, and Rep. Blaine Luetkemeyer, R-MO. Senate Small Business Chair Ben Cardin, D-MD, and fellow committee members Sens. Susan Collins, R-ME, and Jeanne Shaheen, D-NH, unveiled companion legislation Thursday that mirrors the House bill.

The House is expected to vote on the bill next week before members leave Washington, D.C., until mid-April, according to Politico.

IRS begins delivering third round of Economic Impact Payments to Americans

The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.

It’s expensive to be poor. Publicly owned banks may help | Commentary

There’s a joke that’s been floating around on the internet: “The bank says I can’t afford $800 a month for a house, so instead I’m paying $1,400 a month in rent.” To understand why this is funny is to know the painful truth: it is very expensive to be poor.

According to the Federal Reserve, nearly 63 million adults were considered unbanked or underbanked in 2019. This means they lack a bank account, or have a bank account but also require the use of alternative (and often predatory) services like payday lending and prepaid credit cards. Without the essential resource of banking, it is nearly impossible to get low-interest loans, take out a credit card, build wealth, buy a home or even just plan for the future.

Because so many of our friends and neighbors are working paycheck to paycheck, they often do not have enough money to meet minimum balance requirements. Meanwhile, another one-third of unbanked people do not have an account because they simply do not trust banks with their money. With the depth of illegality that has existed on Wall Street and the scandals that have shaken up Bank of America and Wells Fargo, consumer distrust is warranted.

In serving the Amish, Lancaster County bankers find 'make-a-difference' work

Banking some of Pennsylvania's most conservative people means forging creative solutions around mobile banking, photo IDs, flood insurance and even picnic-table business deals.

Having a strong mobile banking platform that delivers services to customers whenever and wherever they need it is considered a necessity for banks operating in today's competitive financial services landscape.

Bank of Bird-in-Hand's mobile banking operation not only includes a digital app but a literal fleet of banks on wheels, and stands as one example of the innovative ways lenders serve the largest Amish settlement in the U.S.

CFPB rescinds Trump policy that eased 'abusiveness' enforcement

The change lets regulators demand stiffer penalties by enforcing against abusive conduct in addition to unfair or deceptive acts or practices when companies' conduct falls short of both standards.

The Consumer Financial Protection Bureau (CFPB) on Thursday rescinded a Trump-era policy statement limiting the agency's ability to collect civil penalties and disgorgement over a financial institution's abusive acts or practices.

Thursday's move realigns bureau policy with the Dodd-Frank Act, which set the CFPB apart from other financial regulators because it allowed the agency to enforce against abusive conduct in addition to unfair or deceptive acts or practices.

$1.9T COVID stimulus ‘exactly the amount’ needed to achieve full employment: Moody's economist

This is the time for ‘aggressive’ fiscal support, Moody's Analytics chief economist Mark Zandi said

Moody's Analytics chief economist Mark Zandi argued that President Biden's $1.9 trillion stimulus bill is "exactly the amount of money you'd want to spend to get the economy back to full employment in a short period of time," during an appearance on FOX Business’ “Mornings with Maria.”

MARK ZANDI: "I think the economy is set to take off here. It's going to be a rip-roaring year with the pandemic winding down. We've got $1.9 trillion in fiscal support coming. And we have a lot of pent-up demand in higher-income households with a lot of cash that they've saved up during the pandemic. So you bring all that together, that's a lot of juice. So we're going to see a lot of jobs and much lower unemployment by this time next year. So it's going to be a very strong economy.

Financial wellness tips for those affected by winter storm and pandemic

SAN ANTONIO – Not only have unemployment benefits been high due to the pandemic but add a natural disaster like the one we experienced and some people are just struggling to make ends meet.

There are some things you can do to help yourself.

Emily Reed is the client services leader for GreenPath Financial Wellness.

She said the state of Texas is dealing with about $40-50 billion in damage and economic loss, because of the winter storm.

She said, if you are dealing with any damage to your personal belongings, call your insurance company.

5 tax hikes that may be coming under Biden: strategist

With a $1.9 trillion stimulus plan now under his belt, President Joe Biden and his administration are reportedly eyeing several tax hikes to pay for a significant new infrastructure bill and help coral the ballooning U.S. deficit.

But getting tax hikes through even to support badly needed infrastructure investments will be a Herculean challenge, argues Stifel chief Washington policy strategist Brian Gardner.

"The politics of a tax bill are likely to be more challenging than the politics of passing an emergency spending bill. Most lawmakers like spending money and being seen as caring and empathetic during a health crisis. However, voting for a tax bill is not as popular since it could include hard choices for key industries and political supporters back home," Gardner says. "Given Democrats’ razor thin majorities in both the House and Senate, any dissension could be fatal to the bill."

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