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.
The COVID-19 pandemic has forced millions of American workers into unemployment with many more worried about losing their job in the near future. Losing your job forces you to think about many tough questions, including where and how you will procure health insurance, and how long your emergency savings will last. But one of the most misunderstood questions is what to do with your employer-sponsored 401(k) retirement account. Option1: Keep the Plan If you have more than $5,000 invested in your 401(k), more often than not, you can choose to leave your money invested in that employer’s plan. You will still be able to choose how your money is invested (per the confines of that plan) and take advantage of tax-free or tax-deferred compounding you wouldn’t get in a regular...
Amongst other retirement planning provisions, the CARES Act is temporarily allowing individuals impacted by the Coronavirus to access up to $100,000 from their 401(k)s and IRAs without the usual consequences. But, is it worth it? What are the long and short-term consequences of taking invested money out of your 401(k) early?
“Where focus goes, energy flows.”-Tony Robbins They say the grass is greenest where it is watered. Not unsurprisingly, the same adage is true when it comes to your finances. Where you devote your time and attention are where things tend to improve. But, there are some aspects of our financial lives that we can control with our actions, and others we cannot.