Kendall Little in The New York Times:
2020 was, well, tumultuous to say the least.
The COVID-19 pandemic and recession caused devastating long-term unemployment and income losses for many, historic low interest rates for borrowers, and stock market highs for investors. Since NextAdvisor’s launch in June, we’ve followed along, looking to the experts and Americans directly affected to better understand — and share — how it all impacts your wallet. As we say goodbye to 2020, our writers and editors are reflecting on what we learned, and want to share some new practices we’re bringing into the new year. The coronavirus pandemic hit the United States in early March, resulting in millions of jobs lost, shuttered businesses, and deep uncertainty about the future. At its peak in April, the unemployment rate reached 14.7%. Today, more than 12 million people remain unemployed. And while the CARES Act initially kept unemployed workers afloat through expanded federal unemployment benefits and relief programs, people unable to return to work are facing real financial cliffs when more programs end later this month.
Throughout the year, we spoke with Americans laid off from some of the hardest-hit industries, as well as small business owners struggling to stay afloat. We learned about the confusion people felt navigating a complicated, fluctuating system which kept many from receiving the benefits they were owed and others without a plan when that financial lifeline was cut short. Most recently, we shared the experiences of a few people who have made long-term life changes in response to the hardship they faced this year. As the challenges continue into 2021, we recognize the importance of continuing to share stories like these, and providing resources for those still struggling. Here’s some of our best coverage of resources and information to help navigate these financial challenges: