On Thursday, March 11, President Biden signed the American Rescue Plan Act into law. The new stimulus will inject our economy with $1.9 trillion to help families, individuals, and businesses that continue to be impacted by the COVID-19 pandemic. The American Rescue Plan includes funding for the popular Paycheck Protection Program, direct stimulus payments, unemployment benefits, and more. Paycheck Protection… Read More
Archive for the ‘ COVID-19 ’ Category
Q4 2020 Market Recap
October’s election-related uncertainty resulted in the worst month for the stock market since March, but the market recovered throughout November and December leading the market to post overall gains for the year despite unprecedented economic pressure created by the coronavirus pandemic. Small-cap stocks outperformed large-cap stocks in 4Q20, likely reflecting increasing economic optimism as vaccination efforts progress, narrowing small-cap’s underperformance… Read More
What You Need to Know About the New Stimulus Act
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
Things to Consider Before Taking a 401(k) Distribution Due to COVID-19
The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law on March 27, 2020, eases restrictions for retirement plan participants impacted by coronavirus to access their 401(k) and IRA funds (up to $100,000). Eased restrictions Before the CARES act, if a participant under 59½ wanted to tap into their 401(k), they were subject to a 10% early withdrawal… 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
It’s Not Too Late to Reverse Your 2020 RMD
Earlier this year, the CARES Act injected our economy with over two trillion dollars to provide COVID-19 relief for business owners, individuals, and retirees. The CARES Act waived Required Minimum Distributions (RMDs) that were scheduled to be paid in 2020. If you have already taken your RMD, you have the ability to roll the money back into your retirement plan. … Read More
Six Ways to Regain Financial Balance
There has been a lot of talk about balance over the years. Is it truly attainable or simply a myth? The COVID-19 pandemic and restrictions which were placed upon us, forced us to slow down and assess how we have been living our lives. Do we want to resume our busy lives and overly scheduled calendars, or do we want… 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
Market Recap: 2nd Quarter 2020
After a disastrous first quarter, the stock market rallied and had its best quarter in more than 20 years. The S&P 500 gained around 20% for the quarter, while the Dow Jones Industrial Average gained over 18%. For the year, technology stocks, led by companies such as Apple, Microsoft, and Amazon, have greatly outperformed other sectors. Much of the quarter’s… 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
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
The Coronavirus Bear and Its Place in History
The pace with which the Coronavirus bear toppled the longest-running bull market in history was startling. The Dow Jones Industrial Average officially entered the “Coronavirus bear market” in just 20 trading days, easily making it the fastest such slide in stock market history. The second fastest was 1929 and that took 36 trading days. Lest we forget: the highest closing… Read More