Economic Recovery | Bitcoin | Funeral Assistance

Economy At a Glance: Over the last week, the U.S. recovery tracker plateaued after a five-month upswing. Expanded state openings continued to push demand, travel and employment back to pre-pandemic levels. However, supply chain demands continued to impede production activity. While in some areas, Covid cases increased, the overall health backdrop supports our continued economic healing. All in all, things continue to look positive.

Government Intervention in China: The Nasdaq Golden Dragon China Index which tracks 98 of China’s largest firms listed in the U.S. plunged 22% in July after the Beijing authorities conducted a clampdown on business. Some investors see opportunities for companies and money managers, but the heightened government oversight has added a new variable to the analysis of owning these stocks. While investors, analysts and company executives believe the government is just getting started, the changes promise serious and often unpredictable implications for business. This means risk for people who have invested into China’s fast-growing companies looking to capitalize on the only tech industry that can rival Silicon Valley.

Increased Bitcoin Regulations: A new push by Congress would require crypto brokers to report transactions to the IRS, creating unwelcome tax bills. However, it would clarify rules for traders and users, potentially strengthening the system in the long run. The new rules would also force businesses to disclose trades of digital assets more than $10,000. While the regulations are still being developed, you may also have questions about what it is and how it works. Consider listening to this podcast developed in partnership with Compass Ion.

Funeral Aid for Covid Related Deaths: Anyone who incurred funeral costs on or after January 20, 2020 may qualify for funeral financial assistance if the death was Covid related. You may apply for a maximum of $9,000 per deceased individual, or $35,000 per application if reporting more than one person. FEMA lists a number of questions/answers, as well as qualifiers on their website here.