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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 If you’re below 55, you’ll be stuck with a 10% penalty on money withdrawn from 401(k)s and 403(b)s, and if you’re under 59 ½, you’ll get the same penalty on savings plans like IRAs and deferred annuit…

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SBA Accepting First and Second Draw PPP Loan Applications January 15, 2021 from Community Banks!

Blog January 13, 2021 by Laurel Sykes

FAQs and resources for PPP loan applications, and today we began sending out links to ARB clients to begin completing their First and Second Draw PPP loan applications. Please continue to check back for updates at our PPP Resource page. You can also check out our blog post on what’s changed with th…

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Meet Your 401(k)

Blog January 11, 2021 by Idea Vault Blog

That’s because you, like many people, will be responsible for supporting yourself during the 30 or 40 years you can expect to live after you retire. To do that, you need a source of income that will stretch further than the safety net of Social Security and be more reliable than winning the lottery…

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SBA Issues New Final Interim Rules on January 6, 2021

Blog January 8, 2021 by Laurel Sykes

We expect additional rules to implement other provisions of the Economic Relief Act, including clarification for new expenses eligible for forgiveness and procedures for returning EIDL advances deducted from loans to borrowers who received forgiveness before December 27, 2020. Already, calculatio…

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What to do with Your Stimulus Check

Blog January 4, 2021 by Idea Vault Blog

December 2020 ReliefCongress passed an economic relief package in late December of 2020 with a new round of stimulus payments. These payments include $600 per qualifying individual—adult and/or child. Here are some things to keep in mind with the most recent round of direct payments:Single individu…

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Monday November 30th is Cyber Monday: Tips for Staying Secure

Blog November 27, 2020 by Paul Abramson

Many businesses also have employees working from home and using their own personal computers, which may contain malware and credential-stealing programs that could expose a company to corporate account takeover or worse yet, compromise the company network. Tax professionals are also common targets…

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When Times Get Tough

Blog November 9, 2020 by Idea Vault Blog

CARES Act ExpansionsThe CARES Act adds additional assistance to those who have been impacted by the COVID-19 pandemic. First, it expanded availability to unemployment insurance for those who may not usually qualify, such as those diagnosed with COVID-19 or who are caring for someone unable to go to…

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