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
Archive for the ‘ COVID-19 ’ Category
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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
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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
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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
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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
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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
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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