In early March, consensus expectations for 2020 global GDP growth were +3%. Now they are -3%. That is a 6% swing in one month – unprecedented. You have to go back more than 40 years to find a similar decline in GDP. Even then, it took 12 months. Generally, such…
The economic impact of COVID-19 is causing concerns among many employers faced with contribution requirements associated with their Cash Balance and Defined Benefit Plans. In light of the current economic environment, many plan sponsors may not be in a position to continue, at least in the near term. Cash Balance…
These are challenging times. The COVID-19 pandemic has reshaped many aspects of our lives, including our financial well-being. We’ve discussed in previous blogs and newsletters the approach we advise our clients to take in navigating the financial and investment landscape, but it has come to our attention financial scams have…
The CARES Act was signed into law on March 27, 2020, and contains several provisions specific to retirement plans. Below is a list of Frequently Asked Questions (FAQs) we are hoping will address your immediate concerns. For further clarification and the next steps, please reach out to your dedicated Plan…
The discussion among many small business owners is how to utilize the Paycheck Protection and Economic Injury Disaster Loans, as well as other programs made available by the Small Business Administration (SBA). We’ve highlighted two options the SBA is offering and what each entails. Option One The Coronavirus Preparedness and…
Guidance issued from the Treasury Department The Paycheck Protection Program, starting this week, will provide up to $350 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic. The loans are fully guaranteed by the Small Business Administration. But, the SBA will waive all SBA…
Get a 7(a) Loan, Lay off, or Furlough? Is it Preferable to Lay Off or Furlough Staff and Send Them to Unemployment or Keep Them on the Payroll and Get a 7(a) Loan? There are two viable approaches that you can take. The first is more conservative and less disruptive…
As of March 26, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) (H.R. 748) passed in the Senate. This is the third package established in response to the Coronavirus health crisis. This measure will continue onward to the House and finally reach the desk of the President. Many…
The novel Coronavirus/COVID-19 continues to cause fear and concern around the world. Dentists and dental practices are no exception; dental patients are worried about many things. From contracting the disease during an office visit to having procedures delayed. Patients are concerned about coronavirus and/or a lack of supplies. Right now…
Natural disasters such as hurricanes, tornadoes, and blizzards cause direct physical damage to property. Typically, traditional insurance policies cover natural disasters. COVID-19 is a different type of natural disaster, one of which insurance policies may not cover. To file a claim Generally speaking, a fundamental prerequisite to trigger a Business…
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