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
Archive for the ‘ COVID-19 ’ Category
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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
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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
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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
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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
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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
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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
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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
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What You Need to Know About the CARES Act
The two parties have come together to pass historic bipartisan legislation – the Coronavirus Aid, Relief and Economic Security (CARES) Act. This stimulus bill, signed into law on Friday, March 27th, will inject the economy with two trillion dollars and provide relief to individuals and businesses that have been impacted by the coronavirus pandemic. Here are some of the key… Read More
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Relief for Businesses During Coronavirus Outbreak
Many businesses are feeling the effects of coronavirus. Some non-essential businesses such as restaurants, gyms, and libraries have been forced to close by state and local governments. Other companies, while still open, are seeing cash flow issues. There are options for small businesses to see some relief. Small Business Administration’s Economic Injury Disaster Loan program Through this program, small business… Read More
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What The Families First Coronavirus Response Act Means For Your Business
On Wednesday, March 18th, the Families First Coronavirus Response Act was signed into law. The bill aims to provide employees with additional leave if they are forced to stay home due to the coronavirus. What the bill provides The bill grants two weeks paid sick leave at 100% of an employees normal salary, up to $511 per day. It also… Read More
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Tax Deadline Extension – Pay and File by July 15th
Coronavirus has been putting a strain not just on the health of Americans, but also our wallets. Because of this, the federal government is extending the tax deadline by 90 days, meaning everyone has until July 15th to pay their taxes. Does this mean you can put off filing your taxes until July 15th? Yes, on March 20th, Secretary Steven… Read More
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Is The Coronavirus Different?
The coronavirus has officially been named a pandemic by the CDC as it has spread from China to the rest of the world, including the US. At Prosperity, we are actively watching the market reaction and our clients’ portfolios. We will continue to monitor the outbreak and communicate with you as events unfold. Is the Coronavirus Different? Many clients ask… Read More
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Will the Markets Recover After Coronavirus?
Markets have reacted to the Coronavirus concerns and headlines and your investment account may see some volatility. While this may feel worrisome to you, remember that we’re here and we’re keeping a vigilant watch of current events as they unfold. Will The Markets Recover? Historically, markets have recovered well after epidemics. While Coronavirus may cause concern to your health and… Read More
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Impact of Coronavirus on Your Investment
The Coronavirus has spread from China to numerous countries around the world, including the United States. Markets have been reacting as the Dow Jones and the S&P 500 have both dropped more than 13%. Stay Calm You can take a deep breath and know you have a plan that factors in market volatility. Historically, markets have recovered very well in… Read More