COVID-19 Finance News

Retirement Plan Loan Defaults Can Be Costly

Beware: Retirement Plan Loan Defaults Can Be Costly Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan…

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PPP application window extended

Paycheck Protection Program (PPP) application window extended Late yesterday, on July 1, 2020, the U.S. House of Representatives passed S.4116, which provides a five-week extension of the Paycheck Protection Program (PPP) application window. The application window was originally set to expire on June 30, 2020. This bill extends the PPP application deadline from June 30,…

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SBA’s Economic Injury Disaster Loans and Advance Program Reopened

SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic Release Date: June 15, 2020 — Release Number: 20-47 WASHINGTON – To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and…

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Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act of 2020 On Wednesday, June 3, 2020, the U.S. Senate passed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010). The bill passed the U.S. House of Representatives last week and now heads to the President for signature. The bill provides the following modifications impacting Paycheck Protection Program (PPP)…

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Plan for a PPP Audit

How to Plan for a PPP Audit The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to position your small business or not-for-profit…

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