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Finding Funds in an Emergency¶
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¶
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, sta…
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SBA Issues a “Reminder” on Loan Review Procedures for PPP Loans¶
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¶
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¶
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¶
Early Withdrawal Penalties There 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 If you’re below 55, you’ll be stuck with a 10% penalty on money withdrawn from 401(k)s and 403(b)s, and if you’re under 59 ½, you’ll get the same penalty on savings plans like IRAs and defe…
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SBA Accepting First and Second Draw PPP Loan Applications January 15, 2021 from Community Banks!¶
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)¶
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¶
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, calculati…
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What to do with Your Stimulus Check¶
December 2020 Relief Congress 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 indivi…
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