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July 8, 2020, 5:28 p.m. EDT

Watch for these red flags with the IRS when loaning money to family and Fauci says Americans must do 3 things to beat COVID-19

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By Jacob Passy

Hope you’re having a good Wednesday, MarketWatchers. Don’t miss these top stories:

Personal Finance

The Supreme Court gave abortion-rights supporters a win, but those on both sides of the debate say the battle is far from over

Those opposed to abortion see other victories ahead in their work to reduce access to the service.

‘If I tell people about what happened, I honor my ancestors.’ How the pandemic is helping a slavery historian develop a K-12 lesson plan on African-American history

Non-academic historians step in to preserve stories that would otherwise be lost.

Letter from New York: For these Italians in the U.S., the threat of COVID-19 struck twice

‘It was easy to recognize people from Italy on New York City’s streets in early March — they were the ones who already wore masks, used gloves and practiced social distancing because they acknowledged the crisis that was coming.’

Loaning money to a family member? Don’t raise these red flags with the IRS

Weird and unwanted tax complications can arise when you make a below-market loan to a family member.

Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show

Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say.

‘Now we’re seeing the consequence of community spread’: Fauci says Americans must do 3 things to beat COVID-19

‘What we saw were a lot of people who maybe felt that because they think they are invulnerable,’ says Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.

I told my family I boycott Chick-fil-A over its support of anti-LGBTQ causes — now they ‘like’ the company on Facebook and suggest going there to eat

‘At best, the company’s stance is irrelevant to these particular siblings. At worst, these positions are a key reason for their support.’

The best SUVs for less than $40k

Whether you want small or big, 2- row or 3-row, hybrid or conventional, a $40,000 budget can go a long way.

Get your finances in top shape now to refi your student loans

Here’s how to have your finances ready when the grace period ends, so you can get the best deal.

Here’s one ‘remarkable’ difference between COVID-19 and the 1918 Spanish flu

There are also similarities between the 1918 influenza and SARS-CoV-2, the coronavirus that originated in Wuhan, China.

Elsewhere on MarketWatch

Jobless claims tell us 30 million people are unemployed, but many doubt it’s that bad

What the heck is really going on in the labor market? Are 30 million Americans unemployed? Or is it 17 million? Are companies bringing back millions of workers? Or laying even more people off?

Fed-up San Francisco lawmaker proposes ‘CAREN Act,’ targeting racist 911 calls

Calling 911 to report a fabricated, racially-biased emergency would be illegal in San Francisco under a new proposal called, appropriately enough, the CAREN Act.

The coronavirus crisis is costing states and locals hundreds of billions, analysis finds

The economic pain facing state and local governments resulting from the coronavirus pandemic is disconnected from the improving outlook on the national front. A new analysis from a Cleveland Federal Reserve researcher quantifies that hit.

Diversify? Almost half of Warren Buffett’s Berkshire Hathaway portfolio is now composed of a single stock

Warren Buffett once said that “diversification is protection against ignorance. It makes little sense if you know what you are doing.” The takeaway: Load up on what you know. Even if it’s a tech stock, apparently.

Quicken Loans is going public: 5 things to know about the mortgage lender

Quicken has been the largest mortgage lender in the U.S. since 2018.

Jacob Passy is a personal-finance reporter for MarketWatch and is based in New York.

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