June 24, 2020
Great news! After the first round of funding; an additional $10 billion was allotted through the CARES Act to pay SBA EIDL applicants an advance on their loans. The application portal has re-opened, and will be availableuntil December 30, 2020. Who Qualifies for EIDL loans? The EIDL was designed to help during times of economic… View ArticleJune 24, 2020
Congratulations you have received your PPP funding, and want to maximize your loan forgiveness. Theamount spent over the next 8 to 24 weeks is eligible to be completely forgiven IF you use these funds for the following expenses: payroll, mortgage interest, rent and utilities. If you received your loan proceeds prior to June 5, 2020… View ArticleJune 16, 2020
What is an RMD? Under current law, holders of 401(k) accounts and traditional individual retirement accounts (IRAs) are required to withdraw a percentage of their account balances each year once they reach age 72. Formerly the age was 70 ½ and that rule still applies if you attained age 70 ½ before January 1, 2020. … View ArticleJune 4, 2020
Last night, the Senate passed the bill, which now heads to President Trump for his signature. If signed into law by the President, the bill known as the Payroll Protection Flexibility Act will make significant favorable changes to SBA’s Paycheck Protection Program that encompasses the following: Extend the “covered period” under which small businesses can spend… View ArticleMay 7, 2020
The CARES ACT and Student Loans During this time, people are looking for ways to help alleviate financial burdens. The CARES ACT that was passed on March 27, 2020, provides several ways of relief and one of those includes relief for those paying Student Loans. Federal Student Loan principal and interest payments are suspended until… View Article
