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SBA Issues New Interim Final Rule Revising PPP Loan Calculation for Self-Employed Individuals

Blog March 4, 2021 by Laurel Sykes

They have also updated their Frequently Asked Questions to include new provisions authorized by the Economic Aid Act, which was passed into law earlier this year. The new IFR includes a revised loan calculation formula for Form 1040, Schedule C. This new formula gives Sole Proprietors, Independent…

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Reducing Your Food Bill

Blog February 22, 2021 by Idea Vault Blog

Reevaluating CostsReducing your food bill starts by creating a budget. In order to make a change, you need to know what you’re currently spending and set a goal. Once you know how much you want to dedicate to food each month, keep to it! The best way to do this is to track what you spend and cut ba…

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65% of PPP Funds Remain as of February 7

Blog February 11, 2021 by Laurel Sykes

During the lender training held on Wednesday the SBA explained that, after the 2020 PPP loans were approved, they conducted certain compliance checks on those loan applications using an automated screening tool leveraging public records along with eligibility and fraud detection rules, combined wit…

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Cost vs. Quality

Blog February 8, 2021 by Idea Vault Blog

Why the Difference? There are a few broad assumptions that we make when it comes to why an item could cost more than something similar: It’s made with higher quality ingredients or parts.Something about it is more rare or difficult to obtain or make.It’s associated with a well known or trusted name…

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Finding Funds in an Emergency

Blog February 1, 2021 by Idea Vault Blog

Work With What You Have The first step is to restructure your current budget. While some expenses are difficult to change, such as mortgage or auto loan payments, there are plenty of areas that you can easily adjust to cut back spending and save money. This budget calculator can help you lay out sp…

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PPP Loans being approved at a Slower Pace in 2021

Blog January 28, 2021 by Laurel Sykes

The SBA issued a press release on January 26, 2021 noting that, during this newest round, they have approved roughly 400,000 loans totaling over $35 billion of the total $284 billion authorized by the Economic Aid Act.The reason? SBA has built a significant number of integrations with the IRS, stat…

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SBA Issues a “Reminder” on Loan Review Procedures for PPP Loans

Blog January 25, 2021 by Laurel Sykes

According to the SBAs procedural notice, loan amounts may be deemed incorrect either because they do not properly exclude individual employee salary costs exceeding $100,000 or because the borrower included costs paid to independent contractors that did not constitute “payroll costs”. Independent…

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Recognizing and Avoiding Scams

Blog January 25, 2021 by Idea Vault Blog

Coronavirus Scams The FTC has received a surge of reports of COVID-19 related scams. They advise being careful of anyone who claims to represent the CDC or WHO, says they have a vaccine, asks for donations, or says they have information about your stimulus check. For more information about reporte…

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SBA Continues to Issue Guidance on Second Draw PPP Loans

Blog January 19, 2021 by Laurel Sykes

First Draw loans are capped at $10 million, or 2.5X average monthly payroll. Additional guidance was issued on calculating loan amounts and providing documentation to support average monthly payroll costs for First Draw loans. Second Draw loans are capped at $2 million, with some additional restric…

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Early Withdrawals From Retirement Savings

Blog January 18, 2021 by Idea Vault Blog

Early Withdrawal PenaltiesThere are serious consequences to accessing your retirement funds early. If you’re below 55, you’ll be stuck with a 10% penalty on money withdrawn from 401(k)s and 403(b)s, and if you’re under 59 ½, you’ll get the same penalty on savings plans like IRAs and deferred annuit…

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