Markets mixed in may
Markets sold off in early- and mid-May due to concerns of slowing economic growth before a late-month rally brought them close to even. The month-end rally led to mixed results for the three major U.S. equity indices. The S&P 500 gained 0.18 percent while the Dow Jones Industrial Average (DJIA) notched a 0.33 percent return. The Nasdaq Composite was unable to rebound, with the index down 1.93 percent in May.
What’s driving gas prices higher?
At the start of the summer driving season, the average price of regular gasoline in the U.S. reached an all-time high, surpassing $4.50 per gallon. Inflationary pressures, including strong demand, supply chain disruptions, and low inventories, have caused price spikes for many consumer goods. As the cost of filling your tank rises, you’re likely wondering which market factors caused the spike in gasoline prices.
New Changes to PPP and EIDL Loan Programs
The Paycheck Protection Program (PPP) was created to provide loans to support small businesses and save jobs during the COVID-19 pandemic. New legislation seeks to offer opportunities for qualifying businesses to receive a first or second forgivable PPP loan.
On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law. It offers qualified business owners an opportunity to apply for a new PPP loan through March 15, 2021. This includes business who participated in the prior program and had a loan forgiven. Borrowers may now choose the end of their forgiveness covered period between 8 and 24 weeks after loan origination.