On Sunday, December 27th, the second COVID-relief stimulus was signed into law. The $900 billion legislation aims to help Americans who have been negatively impacted by the COVID-19 pandemic, provide aid to struggling businesses, and support vaccine distribution efforts. Here are the major elements in the new act. Paycheck Protection Program The new stimulus adds $285 billion to the popular… Read More
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Health Insurance for Retirement: What are your options and how do you prepare?
Many of us spend our working years on a company-sponsored health care plan, or perhaps on a spouse’s health care plan. When you (or your spouse) retire, you are likely going to make a change. Many soon-to-be retirees have questions about their health care options and the best way to prepare for the cost of health care as a retiree…. Read More
Retirement Tax Planning: How Do Taxes Impact Your Retirement Savings?
Taxes may have a significant impact on your retirement savings. While paying taxes is something we all must do, proper retirement tax planning can stretch your saved dollars much further. Income tax on withdrawals When retirement tax planning, you must consider what type of retirement accounts you have. When you take money out of a traditional retirement plan, such a… Read More
Is your Investment Plan Ready for Retirement?
Is your investment plan ready for retirement? As you progress through life, your goals are likely to change; however, one thing should remain true through your adult life – you want to save enough to retire comfortably. When you’re younger, this may look like putting a percentage of your income away into a 401(k) or an IRA account. However, as… Read More
New PPP Loan Rules Released
On August 24th, the SBA issued new guidance on the Paycheck Protection Program regarding owner-employee compensation and nonpayroll cost eligibility. Related Party Rent Limitation Per the PPP rules, borrowers must spend 60% of their forgiveness amount on payroll and 40% on other qualified expenses, such as rent. While these percentages haven’t changed, the new guidance aims to equalize the treatment… Read More
How the COVID-19 Pandemic Is Changing How We Conduct Business
Recently, we hosted a webinar in partnership with Baltimore law firm Miles & Stockbridge on how businesses are adapting to “the new normal.” If you missed our webinar, don’t worry. This blog will be a summary of the main points and you can get a copy of the full webinar by filling out the form on our COVID-19 page! The… Read More
You Can Apply Early For PPP Forgiveness
A common question we get is whether PPP loan recipients can apply for forgiveness before the end of their covered period. The SBA released a new interim rule to provide clarity on this issue. Borrowers can apply for loan forgiveness before the end of their covered period. However, if the borrower has reduced any employee’s wages by more than 25%,… Read More
New PPP Loan Forgiveness Application
On Wednesday, June 16th, the SBA and Treasury released a revised Paycheck Protection Program application to reflect the program changes brought by the Paycheck Protection Program Flexibility Act. There are two applications: Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions The new EZ Application If you’re eligible, the EZ application requires fewer calculations and… Read More
What the Paycheck Protection Program Flexibility Act Means for Business Owners
The Paycheck Protection Program Flexibility Act (PPPFA), passed Friday, June 5th, has the goal of making it easier for PPP loan recipients to qualify for forgiveness. Here are the major changes: Extended Covered Period Prior to PPPFA, borrowers had to spend their loan funds within an 8-week Covered Period following the receipt of their funds. Now, borrowers have 24 weeks… Read More
How the SECURE Act Impacts Your Business
The Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act, passed in December of 2019 with the goal of increasing access to retirement accounts and helping Americans save for their retirement. Employers can look forward to greater accessibility and tax credits, but should also be wary of greater penalties and fines when failing… Read More
Updated Paycheck Protection Program Information
When the Paycheck Protection Program was launched, many business owners felt both relieved and confused. While the opportunity to receive up to $10 million in forgivable loan funds has been a saving grace for many businesses, borrowers were left with many questions on forgiveness and the rules surrounding the use of these funds. The SBA and Treasury has been releasing… Read More
Don’t Fall Victim to Coronavirus Cybersecurity Threats
As the coronavirus threat spreads, we take protective measures such as social distancing, wearing face masks in public places, washing our hands and disinfecting our surfaces. Unfortunately, there’s a threat outside of our physical health that we also need to protect ourselves against – Cybercrime. Cybercriminals are targeting people while they’re most vulnerable. In 2019, American’s lost $1.9 billion to… Read More
How can the Paycheck Protection Program help business owners?
The recently passed two trillion dollar stimulus bill, the CARES Act, includes a $350 billion provision for small businesses called the Paycheck Protection Program (PPP). The goal of the program is to get cash to small businesses impacted by coronavirus as quickly as possible. PPP hopes to incentivize business owners to keep employees on the payroll by offering them loan… Read More
How the CARES Act Impacts Your Retirement Plan
The Coronavirus Aid, Relief and Economic Security (CARES) Act is a stimulus bill that will inject the economy with two trillion dollars and provide relief to individuals and businesses that have been impacted by the coronavirus pandemic. There are numerous provisions in the bill that can impact retirement plan participants and sponsors. Required Minimum Distributions (RMDs): The CARES Act waives… Read More