Congress and the White House responded with legislation in early Spring which included the Paycheck Protection Program (PPP) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Let’s take a moment to study how the CARES Act affected retirement. Many account values were and still may be low compared to December 31, 2019. This means for 2020 individuals will not be forced to take withdrawals. Hopefully, this waiver for 2020 will allow the retirement investment time to recover.
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The Small Business Administration (SBA) and the Treasury Department continued their unrelenting release of new rules surrounding the Paycheck Protection Program (PPP) loan forgiveness on October 11 and October 15. Here’s what you need to know:
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Banks are now opening up their Paycheck Protection Program (PPP) forgiveness process for customers, sending out instructions for the application. The fine print has many individuals scratching their heads. You are reaching the end of the 24 week period to spend the PPP funds and are understandably anxious as to the next steps. We want to keep you in the know.
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