Thanks to the CARES Act, your Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child will be deposited directly into the same bank account used on your tax return within three weeks.
While uncertainty can make you nervous, it does not have to be a cause for alarm. Having a financial adviser on your side to help you navigate the unknown can help to ease your mind, allowing you to focus on running your business.
The CARES Act provides $349 billion for the new “Paycheck Protection Program” (PPP) and $10 billion for SBA to provide emergency EIDL grants until Dec. 31, 2020. These should be excellent resources for small companies whose business is struggling with social distancing.
Check out this guide prepared by the U.S. Chamber of Commerce to help small businesses and self-employed individuals prepare to file for a SBA Paycheck Protection Program Loan!
If you have already taken your 2020 RMD, and you don’t need the money, the CARES Act gives you some options.
In this special series covering the CARES Act, we start with sections 2202 and 2203, as they can provide some immediate relief if needed.
Dr. Gene didn’t know it would be Coronavirus, but he knew it would be something. That’s why he has 10 years of liquidity in his portfolio. If you were a client of ours, you would too.
We look at the inevitable: an economic slowdown, and what we don’t know: the economic impact of the Coronavirus outbreak.
We explain some of the early economic impacts of Coronavirus, as well as what you should do amidst all this market volatility.
With market conditions in turmoil, it might be beneficial to gain perspective on how the financial markets have reacted to past catastrophic events.