Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program
One of the most important provisions of the CARES Act for small businesses is called the Paycheck Protection Program (PPP). The PPP is a $349 billion program designed to assist small businesses (fewer than 500 employees) facing financial difficulties as a result of the COVID-19 pandemic through specifically structured loans.The loan program offers funding to cover payroll for up to eight weeks, with the intent of stemming from unemployment. These loans can be forgiven and essentially become a grant if your business meets certain criteria with no need to repay the money.As the old saying goes, there’s no such thing..
Focused Almost Exclusively on Mitigating the Health and Economic Impact of the Coronavirus
Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (HR 6074) – Introduced by Rep. Nita Lowey (D-NY), this was the first bill passed to authorize funding in response to the COVID-19 outbreak. It was introduced on March 4 and signed into law on March 6. The legislation provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak. It includes appropriations for the Department of Health and Human Services, the State Department and the Small Business Administration for the development, manufacture and procurement of vaccines and other medical supplies; grants for state, local and tribal public..
New to Remote Working? Here are Some Tips for Staying Productive
The COVID-19 pandemic has seen a rise in remote working. Even organizations that have always been against it have their employees working from home. With some areas experiencing complete lockdowns, this means you find yourself in an unfamiliar work environment.Remote working means that you have to work outside a traditional office environment. Although some people already have experience working remotely, there are a good number of workers who might have a hard time getting anything done from home. This is particularly true for those with a family that includes young children.But with the current epidemic, many don’t have much choice..
6 Financial Tips for an Emergency
The effect of the coronavirus on our lives is unprecedented. While we’re all sheltering in place while trying to manage our daily tasks, it’s undoubtedly taking a toll on us mentally, physically and financially. Here are some tips to help you weather this storm of economic uncertainty.Get Started on Being LiquidExperts suggest having three to six months of savings on hand. However, this might not be realistic for some. Don’t despair: start saving now. If your employer pays you via direct deposit, ask if they’ll deposit a percentage into your savings. If that’s not an option, have your bank withdraw..
The Economic Impact of Coronavirus
In the days ahead, the COVID-19 pandemic will likely be described in economic terms as a Black Swan. This phrase is used to describe an event that: 1) was unpredictable; 2) causes severe and widespread consequences; and 3) in hindsight was determined to be wholly predictable.What will be interesting going forward is how much the virus, and its impact on the economy and financial markets, ultimately affects individual portfolios. It’s worth noting that many economists spent the whole of 2019 cautioning that a recession and market correction was imminent. To what extent investors took heed and repositioned their portfolios is..