Bobby’s Blog

Important Info for Any Business Owner Who Received a PPP Loan

If you are a business owner who successfully applied for, and received, a loan through the Paycheck Protection Program, it is critically important to stay on top of those loan funds to ensure you comply with the program and remain eligible for loan forgiveness. Unfortunately, compliance can be extremely challenging since it seems like the rules governing the PPP program are constantly changing. Tip No. 1 - You Have 8 Weeks to Spend the PPP Funds If you received a PPP loan, it is important to understand that you cannot simply set that money aside. You need to utilize those funds for...

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Coronavirus Pandemic Highlights the Importance of Clear Health Care Directives

CNN published a heart wrenching article by Louis Foglia that detailed his father's last days and tragic passing as a result of COVID-19. Foglia's article provided an immersive experience into the intense stress, anxiety and uncertainty that accompanies having a loved one in the hospital struggling to stay alive due to the Coronavirus. Foglia's father battled the Coronavirus for 31 days but ultimately succumbed to the deadly virus. I strongly encourage you to take the time to read Foglia's article from start to finish. It both encapsulates the life and memory of his father while also highlighting the immense importance of certain...

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Tips on How the CARES Act Offers Important Tax Incentives and Planning Opportunities

The historic $2.2 trillion CARES Act contains an array of favorable provisions for individual taxpayers, but many of those provisions are only available in 2020. Nevertheless, there are also a number of lesser-known provisions that can be utilized for effective long-term financial planning and tax benefits. Withdrawing Funds from Your IRA Without Enduring Harsh Tax Penalties The CARES Act allows eligible individuals to take up to $100,000 of distributions from their Individual Retirement Account (IRA) or employer-sponsored retirement plan (e.g., 401k) during 2020 and receive the following relaxed tax rules: Exempt from the 10 percent early withdrawal penalty that would otherwise apply...

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How Can I Get a Paycheck Protection Program Loan?

One of the key provisions of the landmark CARES Act is the Paycheck Protection Program. Congress allocated $350 billion to this program enabling the Small Business Administration to provide loans to small business owners. The loans are fully guaranteed by the federal government. If you are interested in applying for a loan through the Paycheck Protection Program, here is the application in a fillable PDF format.  Objective of the Paycheck Protection Program The primary objectives of the Paycheck Protection Program include: Provide assistance to businesses so they can retain their employees; and Help businesses cover near-term operating expenses during the Coronavirus pandemic. Who is...

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