NEW YORK, March 31 (Reuters) - Fidelity Investments, one of the world's largest asset managers, on Tuesday closed three money market funds to new investors to protect the return of existing shareholders after the Federal Reserve this month cut short-term interest rates to near zero.
Restricting the money flow into the three funds will help reduce the number of new Treasury securities paying lower yields that Fidelity will need to purchase and thereby halt the dilution of existing shareholder returns.
While you're here, how about this:
Will people on Social Security receive coronavirus stimulus money?
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Under the CARES Act, anyone earning $75,000 or less will receive $1,200 as a direct deposit into their bank account, distributed by the IRS. Married couples who make less than $150,000 a year will receive $2,400 plus $500 for every child under 17.
Those who earn more than $75,000 but less than $99,000 will receive money as well, but the amount will be reduced by $5 for every $100 they make over $75,000, according to the IRS . For example, someone who earns $76,000 would receive $1,150 while someone who makes $95,000 would get a $200 check, assuming that neither has children.
Trump seems to think money is free right now. It isn't - Los Angeles Times
More on the wisdom of that in a bit. But first, here's the argument Trump offered for making a massive investment in infrastructure now:
With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4
(Don't forget that as the economy slides toward recession, the federal tax receipts will drop, further expanding the deficit.)
Google donations to coronavirus relief offer ads instead of cash - Vox
Anything helps, yes. But there's a limit to even a billion dollars in donations: "Can't make payroll on ad credits."
Tech giants over just the last week have announced more than $1 billion in relief for those harmed by the Covid-19 coronavirus outbreak , promising some money but mostly everything from credits for ads to free video conferencing software.
But old hands in the tech philanthropy space say that these announcements can often be quite misleading — and that the headline figures can oversell the impact that these gifts make. That's especially important, nonprofit leaders say, because what the destitute truly need is cold, hard cash.
And here's another article:
Money, money, money | The Daily Californian
In the Swedish pop group ABBA's hit song "Money, Money, Money" the chorus goes "Money, money, money/ Always sunny /In the rich man's world."
The group may not have aimed for a social commentary but it affirms what we see today: that one's world and the sunniness of it is influenced by the money they have. Right now, the COVID-19 pandemic is wreaking havoc for all, but it is undoubtedly more sunny where there is more money. Actions that figures in the sports industry have taken have highlighted the role of money in light of the circumstances.
Congress approved $350 billion for small business. Where's the money? — Quartz
But entrepreneurs who have closed up shop or lost revenue because of the fight against coronavirus, from dentists and restauranteurs to wine importers and pet groomers, still don't know when they'll get these rescue funds.
"We do not currently have a start date for accepting applications as we are awaiting final guidance on program specifics from Treasury and the SBA," a spokesperson for Wells Fargo, one of the largest US small business lenders, told Quartz earlier today. "Once we receive these specifics, we will know more about when the program will become operational and when lenders can begin disbursing funds."
Coronavirus stimulus relief: How to spend the money | Fox Business
FOX Business' Edward Lawrence on what Americans need to do to receive their coronavirus relief check.
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With coronavirus cash relief on its way to families’ bank accounts in the coming weeks, many people likely have a good sense of what they will need the money for.
The payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
Microsoft And Plaid Team Up On Money In Excel | PYMNTS.com
Microsoft and Plaid have teamed up on the company's new financial management offering, Money in Excel, the companies announced Monday (March 30).
"One of the earliest forms of 'FinTech' is a budgeting spreadsheet," Plaid said in a blog post . "For years, people have relied on Microsoft Excel to budget and track expenses for their personal finances or businesses, typically copying data over from multiple sources. Money in Excel features a Plaid integration, and the new capabilities essentially turn the spreadsheet software into a FinTech app.
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