- What the CARES Act Means for Retirement Accounts
Saving for retirement can be challenging even at the best of times. But it can become even more difficult when a crisis hits. With the coronavirus pandemic battering the economy and causing job losses in 2020, many people faced uncertainty about their retirement savings. The Coronavirus Aid, Relief and Economic Security (CARES) Act provided some relief… read more…
- Marriage Tax Penalties and Bonuses in America – 2020 Study
When it comes to taxes, is it more advantageous to get married or stay single? As far as the IRS is concerned, your income and location can ultimately determine whether a union is for richer or poorer. The federal government, along with many state governments and some local governments, has a system of progressive tax… read more…
- How Does the SBA 504 Loan Program Work?
The Small Business Administration’s most significant function is to help small businesses secure funding. Often this comes in the form of startup capital for someone looking to create a business. However, a small business can also use SBA loans to expand, buy equipment or even open up a new location. One such loan is the… read more…
- How the CARES Act Helps Retirees
In an effort to quell some of the financial fallout created by the coronavirus pandemic, the federal government in 2020 passed a $2 trillion stimulus package known as the Coronavirus Aid, Relief and Economic Security (CARES) Act. The act extended a number of benefits to retirees and pre-retirees. Among those benefits were putting required minimum distribution… read more…
- Washington Coronavirus Relief
The COVID-19 crisis has impacted daily life for nearly every American, and Washington State is one of the locations that has been dealing with the crisis the longest, as Seattle was one of the early hot spots for the epidemic in the U.S. The Washington State government has rolled out plans to help individuals and… read more…
- What Does Coronavirus Treatment Cost?
While testing for coronavirus should be free under the Families First Coronavirus Response Act, treatment for COVID-19 (coronavirus disease) could be pricey. Your costs will vary depending on how much treatment you require, whether or not you are insured and how much your deductible is, among other factors. Here’s what you need to know. Costs for… read more…
- What Is Deficit Spending?
Deficit spending occurs when the federal government spends more than it collects. This means that the federal budget exceeds both the government’s revenues for the year and any surplus it currently holds. This difference is known as the “deficit,” and in recent years the nation’s annual deficit has ballooned. To cover this deficit, the government… read more…
- Pennsylvania Coronavirus Relief Programs
As the coronavirus pandemic continues to hamper the U.S. economy, residents of individual states, like Pennsylvania, are searching for relief programs at a local level. The Keystone State now has more than 66,900 confirmed cases, according to the Pennsylvania Department of Health (DOH). And the Department of Labor shows Pennsylvania has more than 1.7 million… read more…
- The SBA Community Advantage Loan Program
One of the most important functions of the Small Business Administration (SBA) is to help entrepreneurs and small businesses raise funds to open or expand a business. To assist with this, the SBA offers two main types of loans, 7(a) loans and pilot… read more…
- Florida Coronavirus Relief Programs
As the COVID-19 pandemic continues, individuals and small businesses can take many measures to ensure their recovery from any financial losses due to the virus. Florida currently has more than 51,000 confirmed cases and 2,300 deaths, according to the Florida Department of Health. And unemployment claims are dramatically increasing in both the state and throughout… read more…
- Tax-Free Student Loan Repayment Benefits
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers a slew of benefits for Americans, including benefits related to student loan repayment. In addition to allowing borrowers to take a temporary break from making payments on federal loans, the act also provides tax-free student loan repayment benefits for both employers and employees. If you… read more…
- About the Short-Time Compensation (STC) Program
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers financial relief for Americans who have been laid off or have had their hours cut as a result of the COVID-19 outbreak. One provision of the act funds the benefits of short-time compensation (STC) programs at the state level. The programs, also known as work-sharing programs,… read more…
- What Is the Federal Reserve Main Street Lending Program?
As the COVID-19 pandemic and accompanying economic crisis continue, people and small businesses are going to be looking for more and more ways to keep themselves afloat during this difficult period. The Federal Reserve has unveiled details about a new program using funds allocated to it by the Coronavirus Aid, Relief and Economic Security (CARES)… read more…
- Guide to the Business Tax Provisions in the CARES Act
The federal government has launched a wide-ranging set of initiatives to help individuals and businesses dealing with the coronavirus pandemic. A number of these initiatives, found in the $2 trillion stimulus bill known as the CARES Act, focus on aid to businesses. While many, such as the Paycheck Protection Program, involve grants and loans to struggling businesses,… read more…
- How the Employee Retention Tax Credit Works
The Employee Retention Tax Credit (ERTC) is a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act intended to help workplaces keep employees on their payroll during the downturn caused by the COVID-19 pandemic. More specifically, the ERTC is a… read more…
- Georgia Coronavirus Relief
The COVID-19 pandemic has affected nearly everyone in the U.S., as stay-at-home orders and mandatory business closings escalate. Beyond the coronavirus’ public health impact, the economic toll has also been severe. Though the state of Georgia hasn’t been hit as hard by the coronavirus as some other states, namely California and New York, the virus… read more…
- Texas Coronavirus Relief Programs
Texas –like every other state in the U.S. — has been adversely impacted by the COVID-19 pandemic. The state currently has more than 25,200 cases with 600 fatalities, according to the Texas Department of State Health Services. And both individuals and small businesses are seeking aid to recoup coronavirus-related financial loss. While the state doesn’t… read more…
- Pandemic Unemployment Assistance (PUA) Program
The Coronavirus Aid, Relief and Economic Security (CARES) Act introduced several stimulus programs to provide financial assistance to Americans struggling under the effects of the coronavirus pandemic. One of those programs, the Pandemic Unemployment Assistance (PUA) program, helped workers who lost their job but weren’t eligible for unemployment benefits. These kinds of workers include freelancers, gig… read more…
- Coronavirus Relief for High Earners
The Coronavirus Aid, Relief, and Economic Security (CARES) Act dedicates $2 trillion to helping both individuals and businesses while the U.S. economy is affected by the coronavirus pandemic. Among its provisions are an extended tax deadline, expanded unemployment benefits and stimulus check payments for Americans within certain income thresholds. But wealthy Americans likely won’t qualify… read more…
- The Family and Medical Leave Act (FMLA) and Coronavirus
The Family and Medical Leave Act (FMLA) is a 27-year-old federal law designed to protect the jobs of workers who need to take an unpaid leave of absence, for specified reasons, of up to 12 weeks. In March, 2020, Congress passed a law that expands those benefits for workers, provided the reason for taking a leave… read more…
- PPP Calculator: How Much Can Your Business Get?
Update: With the August 8 deadline having passed, the Small Business Administration (SBA) has stopped accepting applications to the Paycheck Protection Program. We’ll update this story if Congress passes legislation to reopen the program. As of the end of August 8, the SBA still had roughly $134 billion in unused funding. As the country slowly reopens… read more…
- How to Spend Your Coronavirus Stimulus Check
The global coronavirus pandemic has had a heavy impact on the American economy. With many people laid off and struggling to pay for essentials, the federal government approved the $2 trillion stimulus package called the Coronavirus Aid, Relief and Economic Security (CARES) Act. As part of this new law, most Americans received a stimulus check worth up to $1,200, as… read more…
- Payroll Tax Delay for Coronavirus-Impacted Businesses
This year, September represents more than just the start of the school year and the unofficial end of summer — it’s also the beginning of President Donald Trump’s program to allow employers to stop deducting payroll taxes from most workers, through the end of 2020. This plan was announced in August as a response to… read more…
- Express Bridge Loan Pilot Program
The coronavirus crisis presents a huge financial challenge for small businesses. As the total number of intial jobless claims in the U.S. rises and the economy continues to shrink, the federal government is providing several forms of relief – not just for individuals, but for eligible small businesses impacted by COVID-19, too. The federal stimulus package… read more…
- PPP Loans: Lender List and Requirements
The Paycheck Protection Program (PPP) is closed again. This is the third time since its inception. The first time was when it ran out of its $349 allocation; an interim stimulus bill gave it another $310 billion (with $30 billion set aside for small lenders and… read more…