The CARES Act is frustrating for even the brightest financial planners and CPAs’. Here are the issues we are dealing with right now

Today I dissect the largest fiscal rescue/stimulus package we have ever seen. Will it be enough? The CAREs Act includes financial rescue options for individuals and businesses. The options for small businesses can be very confusing. Can the SBA even handle the process? Eventually the stock market will bounce back and this will end up being a blank spot in the “timeline” of credit market; in terms of loan and mortgage payments. Today I discuss the issues that CFP®s, CPA’s and lawyers are trying to figure out. Topics include:

• Economic Injury Grant of $10,000
• Mortgage forbearance
• Options for Self-employment
• How does the CARES Act Recovery Payment of $1,200 work
• Payroll Protection Loan Program –PPP
• Deferring payroll taxes – what’s the catch?
• No more RMD’s for 2020

 

Email your money question to [e-mail] , or call the show at 1-800-516-1220 on Tuesday's and Wednesday's from 6:00-7:00 a.m. (PDT)

 

Call 1-888-762-2423 for Wealth Management and Financial Planning services or visit www.NewFocusFinancial.com.