You know that planning for your financial future is critical to your retirement and wealth-building success, but the high demands of running a business can make it hard to prioritize related affairs. Not to mention the time and research it would take to try and “do it yourself.”
If you are among one of the small business owners awaiting an answer regarding your PPP loan forgiveness application, you aren’t alone. As of September 24, 2020, the US Small Business Administration (SBA) had received approximately 96,000 loan forgiveness applications.
2020 has been a whirlwind, and that excitement isn’t likely to slow down as millions of Americans prepare for the upcoming election. We will be selecting governors, representatives, and senators and as a country, we will vote for the President of the United States.
It may seem counterintuitive, but saving for retirement as a high-income earner can be a bit trickier than it is for the average American worker. Not only are you tasked with saving more income to match or enhance your current lifestyle in retirement, but income caps and contribution limits on traditional and Roth accounts put hurdles in the way of saving enough to do so.
In late March, Congress passed the largest and most extensive economic relief effort in American history under the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Find out more about the rules and stipulations pertaining to the Paycheck Protection Program (PPP).
The effects of COVID-19 seem to have no bounds, but this time we are here to discuss how the virus has pushed 401k balances down and what they look like today.