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We provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, children, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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Coronavirus Stimulus Package - Relief for Business Owners
Posted By:  Rob Lemmons CFP®, CPA, AIF®, CEPA
Tuesday, March 31, 2020

Coronavirus Stimulus Package

President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion fiscal stimulus bill intended to provide broad relief to address the impact of COVID-19. Below are a few of the highlights impacting business owners.

Paycheck Protection Program

A (partially) forgivable loan program offered through the Small Business Administration (SBA). Such loans must be applied for by June 30, 2020 with a maximum maturity of 10 years. They may be provided via existing approved SBA lenders.

New Employee Retention Credit for Employers Subject to Closure Due to COVID-19

As an incentive to encourage businesses from making further layoffs, the CARES Act introduces a new payroll tax credit provided they are not receiving a covered loan under section 7(a)(36) of the Small Business Act. In order to be eligible for the credit, the operations of the company have to been fully or partially suspended during a quarter either as a result of a governmental authority or in which revenue in 2020 has less than 50% of the revenue from the same quarter in 2019.

Deferral of Payment of Payroll Taxes

With the exception of employers who have debt forgiven by the CARES Act for certain loans provided by the Small Business Administration, employers are eligible to defer payroll taxes from the date of enactment, through the end of the year, until the end of 2021 and 2022. More specifically, 50% of the payroll taxes that would otherwise be due during this period may be deferred until December 31, 2021 with the remaining 50% due on December 31, 2022.

Net Operating Loss (NOL) Rules are Loosened

The CARES Act adjusts the NOL rules allowing NOL from 2018, 2019, or 2020 to be carried back up to five years. Technically, this should allow companies to reduce prior years’ tax bills, allowing them to claim refunds of amounts previously paid to provide further liquidity to their business.

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At Total Wealth Planning we help our clients every day answer these important and at times stressful questions. Who's helping you?

Financial planning is complex and the guidance of a trusted and experienced advisor, such as a fee-only Certified FinancialPlanner™ (CFP®), who plans comprehensively, and with a complete understanding of your particular concerns and goals in life.

For more information about the financial planning strategies we utilize, please visit us at www.twpteam.com or contact directly Rob Lemmons, CPA, CFP® at 513-984-6696.





 
 
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Our investment management process is focused on helping you maintain financial stability, preventing mistakes and accomplishing your investment objectives. We don’t just focus on market performance or predictions. We focus on what performance means and how it impacts your long-term goals. It starts with returns, but it is about making life decisions. Working together, you gain a degree of confidence when uncertain times come.

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