Coronavirus recession: How bad could it get and what it means for you

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The US economy sank for a second quarter in a row as Congress continues to iron out the next stimulus package. Here’s how to find some help.

The US economy plunged a record-breaking 32.9% in the second quarter, according to data released by the Commerce Department (PDF) this week, further entrenching the country in what’s being called the “fastest recession in US history.” Experts caution, however, that recovering from the coronavirus recession isn’t going to be nearly so swift, even with another stimulus bill and a second stimulus check.

The problem? After spending the better part of March and April under almost total lockdown, the US began a haphazard reopening process that public health experts say resulted in a surge of new coronavirus infections. State governments across the US then slammed the brakes on their reopening plans and many even reversed course, closing businesses like bars and restaurants just weeks after they reopened their doors.

To make matters worse, If you’re among the millions who’ve experienced personal financial hardship as a result of the coronavirus pandemic, many of the economic safeguards put into place at the start of the lockdown — eviction bansenhanced unemployment benefits and a one-time stimulus check that went out to most Americans — have either dried up or will soon.

So, what does the road to economic recovery look like from here? We’ve put together the latest news about the coronavirus recession, where to find help, what makes a recession and the government’s response. Note that this story is intended to provide an overview, not to serve as financial advice. It updates frequently as the situation develops.  financial advice. It updates frequently as the situation develops.

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