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New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule
From my article on Entrepreneur. Congress just passed the Paycheck Protection Flexibility Act of 2020 and improved the Paycheck Protection Program (PPPP) for small-business loans. The bill enhances the PPP by increasing the time small businesses can use funds and...
Back Door Roth IRA Rules and Steps
Roth IRAs can be established and funded for high-income earners by using what is known as the “back door” Roth IRA contribution method. Many high-income earners believe that they can’t contribute to a Roth IRA because they make too much money and/or because they...
SBA Releases PPP Forgiveness Application and Makes Critical Clarifications and Documentation Requirements
From my article on Entrepreneur.com The SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and clarified a few critical definitions and documentation requirements in their instructions. The forgiveness application is completed by the...
PPP Loan Developments: Only $120 Billion Left, Favorable Forgiveness Guidance from SBA and IRS Tax Pitfall
From my article on Entrepreneur.com The SBA Paycheck Protection Program (PPP) is the most significant small-business relief effort in modern history. A key component of the $600 billion-plus (and counting) stimulus rollout is that beneficiaries can have...
PPP Forgivable Loans Will be Unforgiving for Many
From my article on Entrepreneur.com Many small business owners who have been approved for Paycheck Protection Program loans (“PPP”) are realizing that the loan isn’t as forgivable as they’d hoped. The amount a small business can qualify to have forgiven must primarily...
PPP Is Back With $310 Billion in Additional Funding, But Small-Business Owners Must Act Fast
From my article on Entrepreneur On Tuesday, the Senate approved an additional $310B of funding for the popular Paycheck Protection Program (PPP) loans for small-business owners, and the House is expected to approve the measure as soon as today. The original bill...
Roth Conversions: When You Should Convert Your IRA or 401(k) to Roth?
Roth conversions are popular in 2020. Many Americans are taking advantage of low account values (asset values are low from stocks to real estate) and are converting Traditional dollars and assets to Roth. Others are seeing themselves in lower tax brackets than usual...
$205 Billion of the $350 Billion Appropriated for PPP Loans Has Been Claimed
From my article on Entrepreneur. The American Bankers Association reported on April 12 that $205 billion of the $350 billion appropriated for Paycheck Protection Program (PPP) loans has been claimed. This number presumably represents applications that banks have...
How to Submit Your SBA PPP Loan Application and Calculate the Loan Amount
From my article on Entrepreneur. Many small-business owners are completing their Paycheck Protection Program (PPP) loan applications and are running into common questions and roadblocks. The immediate question right now revolves around two issues: First, how do I work...