RMDs Rollover Relief Deadline
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act payment of Required Minimum Distributions (RMDs) from qualified retirement plans and IRAs are waived for 2020. The law was passed in March 2020 when many individuals had already taken out their RMDs. If you’ve already taken out a required minimum distribution (RMD) this year (2020)…
Read MoreSBA Express Bridge Loan Program
What is the Express Bridge Loan Program? The Express Bridge Loan Program was formed in 2017 to provide financial assistance to presidentially declared disaster areas. On March 25, 2020, the SBA expanded the Express Bridge Loan (EBL) program to small businesses nationwide impacted by COVID-19. Through the EBL program, small businesses can borrow up to…
Read MorePaycheck Protection Flexibility Act
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act. This legislation modifies the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). The Flexibility Act includes the following modifications: 1. Extends Forgiveness Period This Flexibility Act extends to the cover-period from 8 weeks to 24 weeks. 8-week cover period. The 24-weeks…
Read MorePPP SBA Interim Final Rule
On May 15, 2020, the Treasury Department and Small Business Administration(SBA) released the PPP Forgiveness Application providing additional guidance and insight on the loan application process to borrowers. Additionally, the SBA released an Interim Final Rule (IFR) related to loan forgiveness on May 22, 2020, which was consistent with the application and added clarifications. Keep in…
Read More