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Market Timing and Your Investment June 5, 2020

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Spending Triggers May 5, 2020

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Pullbacks, Corrections, and Bear Markets May 5, 2020

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April is National Credit Union Youth Month! April 24, 2020

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Financial Self Care April 16, 2020

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How Will COVID-19 Impact Market Outlook? April 8, 2020

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What You Should Know About the Stimulus Checks April 2, 2020

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Small Business Relief March 30, 2020

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A Letter From Jennifer March 30, 2020

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Coronavirus March 16, 2020

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How Will COVID-19 Impact Market Outlook?


We hope that you, your family and your loved ones are staying safe. Continuing with our increased communications during this difficult time, we wanted to keep you informed and let you know our expectations for this quarter and prepare you for some news headlines this month. As a reminder, we have a team of seasoned investment professionals working relentlessly for you.

After climbing to record highs in February, the S&P 500 ended the first quarter down -19.60% (including dividends), which was its worst quarter since the financial crisis. There is a silver lining, though—it could have been much worse. The index rallied 17.6% in just three days near the end of March on news and hopes for both monetary and fiscal stimulus. This was the strongest three-day rally since 1933. Unfortunately, the rally was led by defensive sectors like utilities, real estate, and health care. These are not the sectors that typically lead in a bull market.

While we welcome the huge stimulus package and the Federal Reserve’s responses to the crisis, there is still a lot of uncertainty remaining. Investors discounted risk assets like stocks and high-yield bonds for much of this uncertainty already, but we still won’t have a good gauge on the magnitude and length of the economic downturn until we get a handle on the duration of the social distancing policies. To get more clarity on that, we must see the spread of COVID-19 slow.

Unfortunately, large stock market fluctuations are likely to persist and setting our expectations is very important. We are just starting to get a glimpse of the economic data that will be coming. Unemployment numbers will jump and both manufacturing and service-sector data will fall, but just how much will start to become clearer this quarter. No doubt it will be horrible, as markets have already priced in a lot of bad news. The important questions are: how bad will it be, and how long will it last?

We do expect that the second quarter will be the low point for the economy, and we will start to see a recovery in the second half of the year. There will be many negative economic headlines in the coming weeks. A surge of COVID-19 cases is also widely expected.

As April unfolds, we must remind ourselves that much of what we are witnessing is largely priced into markets. In other words, it is expected. While the media will undoubtedly and rightfully focus on this news, we must look beyond the current headlines and to the future. China is showing signs of recovery already, and low interest rates and stimulus should jumpstart the economy when social distancing ends. We should not underestimate the power of these two forces, as we saw the impact these had on markets in 2009. The stimulus package this time around is more than double that of 2008.

We will continue to monitor both news about the virus and the market implications of the economic data, and will keep you informed. If you have any questions whatsoever, please do not hesitate to contact us.


Steve Lindquist 

Steve Lindquist

Steve Lindquist 
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

Steve Lindquist is a registered representative offering securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPC a Broker/Dealer and Registered Investment Advisor.  Cetera is under separate ownership from any other named entity. Registered address: 295 Los Altos Parkway, Suite 105., Sparks NV 89436. 

Investments are not deposits; not FDIC/NCUSIF insured; and not insured by any federal government agency.  No credit union guarantee.  May lose value.

The views stated in this piece are not necessarily the opinion of the broker-dealer and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results. Investors cannot invest directly in indexes. The performance of any index is not indicative of the performance of any investment and does not take into account the effects of inflation and the fees and expenses associated with investing. The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

What You Should Know About the Stimulus Checks

Person using calculator

Over the weekend, President Trump signed a $2 trillion economic relief plan set to provide aid to millions of Americans impacted by the COVID-19 (Coronavirus) pandemic. The package includes stimulus payments for individuals, additional unemployment coverage, student loan relief, and more.

But, what does that mean for you?

Stimulus Payments

Most adults will receive a check or direct deposit. The amount will vary based on adjusted gross income, filing status, and the number of dependents you claim. The amounts will break down as follows:

  • Single adults who made $75,000 or less annually will receive $1,200. If you have qualifying children 16 or under, you will receive an additional $500 per child.
  • Married couples with no children who made $150,000 or less will receive $2,400.
  • Taxpayers who file as the head of household will get the full payment if they earned $112,500 or less.
  • For single adults who make more than $75,000, the payment gradually decreases until it stops altogether at $99,000.
  • For married people with no children who make more than $150,000, the stimulus payment gradually decreases until it stops altogether at $198,000.

If someone claims you as a dependent – even as an adult – you will not eligible for a relief payment. To see your adjusted gross income, look at Line 8B on your 2019 1040 federal tax return.

Most people will receive their payments within three weeks. However, according to the bill, you’ll receive a paper notice in the mail a few weeks after your payment has been distributed. That notice will also contain information about where the payment ended up and in what form it was made.

Additional Unemployment Coverage

Under the stimulus package, additional unemployment benefits will be extended to people who wouldn’t typically be eligible for unemployment.

Typically, self-employed and part-time workers, gig workers, freelancers, and independent contractors aren’t eligible for unemployment benefits, but under the stimulus package, those groups will be protected. Benefits will be calculated based on previous income using a formula from the Disaster Unemployment Assistance program.

Under the plan, eligible workers will get an extra $600 per week in addition to the state unemployment they are currently receiving. The state unemployment and extra coverage is designed to replace the paycheck that has been lost due to Coronavirus (COVID-19).

Student Loan Relief

The federal government has already waived two months of interest and payments for student borrowers. There will be an automatic payment suspension until August 30 for any student loans held by the federal government. Older Federal Family Educational Loans, Perkins loans or loans from state or private agencies are not eligible. However, if you have a private student loan, it’s worth asking to see what options are available to you.

Retirement Accounts

The stimulus package has also suspended certain retirement account rules for the calendar year 2020. No one will have to take a required minimum distribution from individual retirement accounts or workplace retirement savings plans.

If you have an IRA or workplace retirement plan, you can withdraw up to $100,000 without the usual 10 percent penalty as long as the withdrawal is because of the COVID-19 outbreak. The withdrawal qualifies if you, a spouse or dependent tested positive for the virus or you experienced other negative economic effects related to the pandemic. You’ll also be able to spread out any income taxes you owe as a result over a three-year time period from the date of the distribution.

You can also borrow from your 401(k) and can take out twice the usual amount. For 180 days after the bill passes, if you provide certification that you’ve been affected by the COVID-19 pandemic, you can withdraw up to $100,000. If you already have a loan and it’s supposed to be repaid before December 31, you get an extra year.

We’re facing unprecedented times; the pandemic has touched everyone’s lives in some way. Please know Great Basin is here for you during this time. If you’re experiencing financial hardship due to the Coronavirus pandemic, reach out and talk to us. Let us help you find the option that works best for you. We can get through this together; one step at a time.

Small Business Relief

We came across a very helpful link with some solid information on assistance for small businesses.  Our key notes are below, but please click on the link at the bottom of the page for more information from the US Chamber of Commerce. We may add to this post. Check back or follow us on Facebook to get out updates.

Key take-away #1:

How can you get an SBA disaster loan?

  • Where to start: Apply online by filling out the appropriate forms and providing your business’s information. Once you download the forms for your application, check off “economic injury” as your reason for filing. Then follow the instructions and fill in the necessary information. Once you re-upload your application, you can check the status of it at any time by visiting the website.
  • What you need: Be prepared with some financial information and supporting documentation related to your business, like two to three years of tax returns, last year’s financial statements, a year-to-date financial statement, property leases, and a working knowledge of your business and personal credit score. A full list of supporting documentation can be found at the bottom of your application form.
  • How long will it take: The average for SBA to issue a Disaster Loan decision is 21 days. Within that time frame, a loan specialist will be in contact with you to figure out the amount and parameters of the SBA disaster loan. Once the loan documents are signed, funds are deposited via ACH within 3 to 5 business days.
  • Next steps: Stay in touch with your SBA loan representative at your local bank and SBA office.

Key take-away #2:

Employer tax credits. 

The law provides employers with fewer than 500 employees with refundable payroll tax credits to cover the cost of providing the paid sick leave and the paid FMLA leave to their employees. Specifically, the law states that:

  • Employers will receive 100% tax credit against their payroll tax liability up to the capped amount of benefits they must pay.
  • Health insurance costs are also included in the credit.
  • Self-employed individuals receive an equivalent credit.
  • If an employer is owed more than the capped amount and a refund is owed, the IRS will send the refund as quickly as possible.
  • Reimbursement will be quick and easy to obtain.


A Letter From Jennifer

I wanted to check in with you to let you know what we are up to here at Great Basin since the World Health Organization officially announced the COVID-19 as a pandemic earlier this month.

Immediately upon learning of the announcement, Great Basin took measures to ensure our staff was equipped and educated on ways to help prevent the spread of COVID-19 through practicing proper sanitation and social distancing. We canceled all in-person meetings and restricted employee travel between branches as a measure to limit any potential exposure amongst staff. If a position can work from home, we issued them the technology necessary to do so. We owe it to our members and our team to stay healthy and be ready to serve you through this time.

Great Basin is proud of our decisions to invest in top notch technology to serve you. By taking these steps over the last few years we are in a strong position to help members with their needs in times of disruption.  One week ago we made the decision to close our lobbies in an effort to protect our staff and our members from unnecessary exposure to COVID-19. We made this decision with confidence because we know that we can still serve each one of you. We continue to make loans and send disclosures to be signed electronically. You can deposit your checks from the comfort of your home. Your debit and credit cards continue to work to buy your needed essentials. Online banking provides you with access to balances and the ability to move money easily 24 hours a day.  Feel free to send us a secure chat or email with any questions you have. You can rest easy knowing that your money is safe and accessible to you when you need it.

The minute our governor announced business shutdowns, we immediately thought of you. If you have a loan at the credit union, you are able to defer a payment at no charge, no questions asked. We are waiving all late fees for March and April payments. If you have an Overdraft Line of Credit, we likely increased your credit limit this week and if you have a checking account, we sent you an invitation to open an Overdraft line of credit so you can have a financial cushion if needed. If you are financially strong, we are financially strong. That is the beauty of a financial cooperative, we are all in this together.

Can we just talk about the Great Basin staff for a moment? They are the most dedicated, passionate and invested team I have ever worked with. I know that they were uneasy being in such close contact with members and they were conflicted with their desire to help you and keep healthy for their own families.  Like many of you, they have children who lost their daycare, spouses who are laid off and now must navigate supporting online schooling with their own children at home until schools reopen. Without our amazing staff, we cannot support you with the level of service you deserve. We made the immediate decision to ensure our team that we would be flexible with schedules and most importantly we continue to pay each and every employee their full wages and benefits. If we lose them, we lose the heart of who we are, and that is not an option.

Even with the lobbies closed, we are busy answering calls, emails and chat conversations. We are taking the opportunity to train front line staff remotely so that when our doors open again, they have more knowledge and confidence to help you better than ever. When times get tough, we seem to come together as a community and as a company. Great Basin is proud to join our staff in supporting local restaurants by ordering curbside takeout for lunch a couple of times a week.

I have been accused of being an eternal optimist my entire life. I own that and I am proud of it! As a community and as a credit union we will be okay. We are experiencing change and disruption at a very high level. Our schedules are different, our social lives are disrupted. We worry about our jobs and economy and our concern for our loved ones is weighing heavily. This is grief in its own way, and it is okay to feel that loss of what we knew life to be just over a month ago. I encourage you to keep optimistic though, we are proven to be resilient and together, we will get through this.

If you have any questions at all, you can #JustAskJennifer at and I will personally get back to you just as soon as I can.

Elbow bumps,


In your investing lifetime, you may only see a situation like the recent novel coronavirus (COVID-19) a few times. This is a circumstance where complete candor is necessary. The truth is that we can’t yet gauge the full economic impact, and by the time we can, the volatility may have passed.
It’s important to remember that, in terms of market declines, the recent drop isn’t unprecedented. In fact, in the last six day-to-day declines of 3% or greater, the market rebounded higher a month later. Past performance is no indication of future returns, and it’s uncertain whether history is a good teacher in this instance.1

Markets Have the Virus
Right now, markets are reacting to the news because the outcome is unknown. In a way, COVID-19 has “infected” markets all around the world. In times of market uncertainty, some traders believe the best approach is to sell. Fear is driving decisions. Nobody would blame you if this uncertainty gave you a bit of anxiety, as well.

You Don’t Buy Snow Tires in a Blizzard
By working together to develop an investment strategy that fits your risk tolerance, time horizon, and goals, we have been preparing to weather turbulence. When a blizzard hits, the people who already own snow tires are usually happier than those venturing out into the cold, hoping they’re still in stock. In the same way, it’s generally best to make decisions during periods of low market volatility. We’re in the middle of the storm right now.

Here to Support You
This may be the time you need a trusted financial professional most. During most volatility, we advise you to “stay the course,” and that generally proves to be the best course of action. In times like this, however, it’s easy to question conventional wisdom.

Remember, I am here to help you and your family during this time. Whatever decisions you make, please allow me to support you through them. Feel free to reach out to me with any questions or concerns.


Steve Lindquist

Steve Lindquist
Financial Consultant
9600 S McCarran Blvd Reno,
NV 89523
(775) 789-3140

Steve Lindquist is a registered representative offering securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPC a Broker/Dealer and Registered Investment Advisor. Cetera is under separate ownership from any other named entity. Registered address: 9600 S McCarran Blvd., Reno NV 89523. Investments are not deposits; not FDIC/NCUSIF insured; and not insured by any federal government agency. No credit union guarantee. May lose value.

1., February 27, 2020