Lending Tree

As the U.S. housing market rebounds from a pandemic-related slowdown, there is still evidence of housing discrimination that continues to limit homeownership and rental opportunities for consumers of color and other marginalized groups. It’s necessary to take stock of how far housing policy has gone to outlaw discriminatory practices, and what work remains to be finished. What is housing discrimination? The Fair Housing Act of 1968 explained What is redlining in real estate? 3 ways to strengthen U.S. housing discrimination laws What is housing discrimination? Housing discrimination is any prejudiced actions against a consumer who is buying a home , renting a home or attempting to participate in other housing-related endeavors. Discrimination can be based on the following characteristics: Color or race Disability Familial status Nationality Religion Sex People who identify as LGBTQ aren’t explicitly protected by federal law from housing discrimination. However, several states have...

The coronavirus pandemic pushed 45.7 million Americans to file for unemployment benefits at some point during the crisis, but some U.S. companies have not seen a negative impact on business as usual. The Census Bureau surveyed small business owners on the effects of the pandemic. LendingTree researchers analyzed the results to determine where business owners are feeling minimal ramifications. Business owners in the South and Southeast were most likely to report no negative effects resulting from the COVID-19 outbreak. Key findings States where the COVID-19 pandemic has had minimal impact on businesses Methodology Key findings Louisville tops our list with 17.9% of business owners reporting no negative effects on operations. About 3% of entrepreneurs in Louisville say the pandemic has had a positive impact on their business. Virginia Beach takes the No. 2 spot — 16.6% of business owners have not been negatively impacted . Phoenix rounds out the top three with 16.1% of business owners...

Young entrepreneurs are disproportionately suffering in the U.S. industries hardest hit by the coronavirus pandemic. LendingTree researchers found that 45% of businesses with owners younger than 25 years old are in industries with unemployment rates higher than the national average of 13% in May. That figure jumps to nearly 47% for business owners between the ages of 25 and 34. These hardest-hit sectors make up 40% of all businesses in the U.S. Many of these nonessential businesses closed their doors at some point in recent months to obey government mandates meant to limit the spread of the coronavirus. Most are reopening — as of this writing, about eight in 10 businesses in the U.S. are fully or partially open as local authorities ease restrictions. Key findings Young business owners operate in high-risk industries Asian business owners vulnerable to pandemic effects Methodology Key findings Across every industry, the majority of business owners are white and male — 85% of business...

We’ve all felt the impact of COVID-19 on our personal lives, both financially and emotionally. But for small business owners, the pandemic packs an extra punch. According to a survey performed by the National Federation of Independent Business , about half of small business owners said they’d be unable to continue operations for more than two months without help. Impacted entrepreneurs are experiencing slower sales, supply chain disruptions and, of course, concerns about employees contracting the illness — and that’s all on top of figuring out how to keep their doors open. Fortunately, there are steps small business owners can take to help their companies come out of this quarantine on the right side of the proverbial dirt. Just as you use masks and hand sanitizer to help you survive the pandemic personally, here are some tools to help your business make it out alive, too. 1. Apply for emergency funding The coronavirus has led to unprecedented economic pressures — which is part of...

When it comes to personal finance advice, it can often feel difficult to find information that is relevant to the black experience. Black Americans often face financial hurdles such as pay inequality, predatory lending and hiring discrimination, all of which have contributed to a racial wealth gap. “People are working hard, but if every part of their life is discounted, how can they catch up?” says financial educator Tiffany “The Budgetnista” Aliche. According to the most recent data from the Federal Reserve, as of 2016, the median black household net worth was just over $17,000, while for the same year the median net worth for white households was over $170,000. And while the median household income for black Americans has risen between 2013 and 2018, it is still 33% lower than the national average . Marcus Garrett, co-host of the podcast “Paychecks & Balances,” says the answer to closing the wealth gap between black and white Americans is multifaceted. “First, we must address what...

For businesses struggling to keep their doors open in the wake of the COVID-19 pandemic, the federal Payment Protection Program (PPP) can be a lifeline. Watching that PPP funding hit your account can feel like instant relief, but now the real work starts. Strategically using the PPP funds can be the difference between sink or swim for many business owners. Use these tips to help decide the best ways to spend your PPP funding to survive this period until business resumes its new normal. 1. Prioritize cash management The eligible uses for PPP funds have changed slightly since its inception — a June 2020 amendment states that in order for the loan to be forgiven, 60% of the funds from the loan must be spent on payroll while 40% can be spent on bills such as rent or utilities. This gives business owners more freedom to negotiate expenses and potentially keep more cash on hand throughout the pandemic. Any business owner knows cash management is crucial to business success, and the PPP...

The coronavirus pandemic has crashed the U.S. economy and brought certain industries to a near standstill —  including retail, entertainment, food and accommodations. Cities that have traditionally relied on these sectors to employ their citizens may be particularly vulnerable. A new LendingTree study ranks the 100 U.S. metro areas with the most retail establishments to see which ones stand to feel the biggest pinch. Researchers found that mid-sized cities are at greatest risk. Six of the top 10 cities are in the Sunbelt. Key findings Myrtle Beach, S.C. ,  has the highest concentration — 35.4% — of local businesses in the retail , entertainment, and food and accommodations sectors (the U.S. Census Bureau groups food services and accommodations as one sector). Salisbury, Md., is in second place . Nearly one-third of all businesses here (32.3%) are in one of the affected industries. Scranton, Pa., comes in third with 28.8% of establishments in vulnerable industries . Larger cities...

Small business owners are anxiously waiting to see if Congress will inject more money into the Paycheck Protection Program (PPP), the federal rescue program that failed to reach the vast majority of small businesses it was intended to help the first time around. A new LendingTree survey found that just 5% of business owners have received a PPP loan, though 60% had applied for funding. Survey respondents were eager to submit their applications once the program opened, but many struggled to communicate with bankers as the entrepreneurs’ financial situations further deteriorated — and then the $349 billion emergency funding ran out of funds after 13 days. Many of the 1,260 small business owners surveyed expressed their frustrations. “I’ve kept my employees on payroll even though we closed because it is the right thing to do,” one respondent said. “Unemployment in our state is only $275 per month. They can’t live on that. Now, I’m in limbo waiting for the PPP money. I have no idea when,...

Have your finances been rocked by the coronavirus? Your credit card issuer might be willing to offer a helping hand, but you’ll likely have to ask for it. As America and the rest of the world wrestle with the COVID-19 pandemic, more daily lives are being upended. Lockdowns, self-quarantines and other drastic measures to stop the spread of the virus are becoming more common here in the U.S., leading to missed paychecks and unpaid time off from work and other hardships. For many Americans, whose financial margin for error is tiny even in the best of economic times, these disruptions can be a really big deal. They can make it hard to pay your mortgage, car loan or credit card bill, for example. The good news is that these disruptions will likely only be temporary, but that doesn’t make things any easier in the short term. Fortunately, you can take steps right now to help your situation: the simplest step is to call your credit card issuer and ask for help. Many credit card issuers have...

Despite the news that loan relief with extremely low interest is on the way, it’s unclear if it’ll be enough to save entrepreneurs hit hard by COVID-19. A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. Business owners are holding on by a thread as more governors join the long list of states closing non-essential businesses. Nearly half of small business owners have temporarily closed their businesses, our survey found. They have also laid off workers or reduced their hours and sought funding, often unsuccessfully, to stay afloat. Key findings 71% of small business owners are worried their business will never recoup the losses associated with the COVID-19 pandemic. Business owners in the accommodation/food service and retail trade sectors are among the most likely to fear for their company’s future. Nearly half — 47% — of small business owners surveyed have taken on debt to keep their business afloat...

What would you do with an extra $500? Kickstart your emergency fund ? Finish paying off one of your credit cards? Or would you need the money to pay your bills? According to the Federal Reserve, 44 percent of American adults would have difficulties handling an unexpected expense of $400. I remember the days when I looked ahead to the end of the month with disappointment, knowing that my money would run out before I got there. To stave off some of those feelings of fear, I began looking for ways to make money. Quick ways to make money in 30 days When facing a difficult financial situation, you might have a bit of time to make ends meet. If you have 30 days to get back into good standing — or even if you’re just looking for a regular way to make an extra $500 each month to meet your goals faster — there’s good news. The following ideas can be quick ways to make money. Do two or three items on this list, and you could earn $500 by the end of the month. Start by selling something Some...

The CARES Act stimulus checks may offer some relief to taxpayers amid the coronavirus outbreak, but distribution may pose a problem for the millions who don’t use direct deposit to receive their tax refunds. In 2019, 19.8 million taxpayers waited longer for their tax refunds to arrive via paper check. Today, these same taxpayers will have to wait longer again — potentially up to an additional three months — for their stimulus checks. MagnifyMoney looked at the 100 largest metro areas in the U.S. to determine where taxpayers used direct deposit the most (and least) to receive their 2018 tax refund. Cities with the highest percentages of check-receiving taxpayers are where people will likely wait longer for financial relief to arrive. In this review, we’ll cover: Key findings Where taxpayers may have to wait longer for their stimulus checks What to do if you didn’t use direct deposit File your 2019 tax return as soon as possible Provide your banking information to the IRS online Open...

Rent prices have increased by two percent to four percent nationwide each year since 2011, according to CoreLogic. While gains in federal and state minimum wage rules have somewhat mitigated the bite for lower-wage earners in certain areas, it’s often not enough to compete with the rising cost of housing. Meanwhile, the population of renters has increased, forcing renters to compete for a finite supply of rental housing, which is already pricing out some people. Using data from the Joint Center of Housing Studies and the Economic Policy Institute, MagnifyMoney identified 16 cities where the median rent claims all of a minimum wage worker’s take-home pay, and then some. Let’s take a look at big cities that are more affordable and ones where the rent is too darn high. Key findings Austin, Texas, is the least affordable major U.S. city for minimum-wage workers. Austin’s median rent is equal to 143 percent of take-home pay at the minimum wage. The median rent in Austin is $1,220 per...

Work-from-home side jobs that can earn you more than $15 an hour include transcribing audio and video or instructing an online course. The income from online side jobs can help you reach financial goals like paying off student loans faster, and with a broad selection of side hustles available, you’re likely to find one that’s a good match for your needs. 4 work-from-home online side jobs that can pay $15-plus an hour Taking on a second job online can be an effective way to boost your cash flow , but side gigs are known for their variable pay. While the following online side jobs often pay more than $15 an hour, there’s no guarantee because of variations such as location and time spent. 1. Audio and video transcriber 2. Online course instructor 3. Social media marketer 4. Virtual assistant 1. Audio and video transcriber If you have a few extra hours on weekends or an extra hour a day, you could generate income by transcribing audio and video recordings. Kollin Lephart, founder and...

Franchise taxes aren’t taxes on franchise businesses, as you may assume from the name. Instead, states require certain entities, such as corporations or limited liability companies, to pay a tax for the privilege of doing business there. Franchise taxes are separate from state income tax that’s imposed on businesses. Continue reading to find out if your business owes franchise tax and what consequences you may face if you don’t pay. What is franchise tax? Who has to pay franchise tax? How to calculate franchise taxes Consequences of not paying franchise taxes The final word on franchise tax What is franchise tax? Several states levy a tax on companies for doing business in the state. That tax is often called a franchise tax, but it could also be known as a capital stock tax, commercial activity tax or another name. Dan De Jong, senior tax manager for KPMG, likens state franchise taxes to pizza restaurants . Every pizzeria owner puts their own spin on their pizza recipe, but they all...