Blog
Information important for Small Business Owners: Small Business Interruption Loans through SBA
As a result of President Trump signing into law, the CARES Act S3548, many business will benefit. Under Division A -- Small Business Interruption Loans – business can apply for SBA loans based upon salaries, rent, utilities and debt payments. This loan is 4 times the amount of qualified expenses. If used for 3 months as provided ( payment of salary, rehiring of employees laid off etc ) then the loan is Forgiven and is Non taxable.
Business Owners we encourage you to stay up to date regarding:
Small Business Interruption Loan through the SBA part of S3548 CARES Act. This goes through your Banker, SBA loan officer. I personally have requested an appointment with my banker. He emailed me late last night saying they were expecting guidance regarding the loan from SBA later this week. Reasons this loan is attractive:
- Provides loan based upon Salary, Rent, Utilities
- After 3 months, if you have used according to guidelines, then the loan is FORGIVEN and NON-TAXABLE.
Talk to your banker, this may be very beneficial to you. There is only 350 Billion available but if all business under 500 employees apply, the money will go quickly. We will continue to monitor and share information.
Regards,
Danny Cochran
Spring into financial transparency
The Spring Forward of Daylight Savings Time has always served as a reminder that Spring is on the way. The days are getting longer, the birds and the bees are doing their thing, and people everywhere are thinking about future travel...
Read MoreDon't Watch The Markets Too Closely
One of my favorite Warren Buffett quotes is, “Remember that the stock market is a manic depressive.”What he’s suggesting is that stock prices can sometimes swing wildly from day to day in response to even minor news....
Read MoreIdentity Theft Awareness Week
January 30 to February 3, 2023, is Identity Theft Awareness Week. Anytime is a good time to tighten up your identity security, but if you haven’t been as careful as you intended, consider this your annual reminder. Here are a few...
Read More2023 Tax Dates & Deadlines
Be Aware of These Tax Dates & Deadlines in 2023January 17- 4th quarter estimated taxes are due for self-employedLate January- Tax Season filing opensFebruary 15- Reclaim exemption from withholdingApril 3- Take first required minimum...
Read More2023 New Year Financial Thoughts
The unforeseen and indeed unforeseeable economic, market, political and geopolitical chaos of the three years since the onset of the pandemic demonstrates conclusively that the economy can never be consistently forecast nor the market...
Read MoreShow All
Preparing For Anything
Did you know September is National Preparedness Month? FEMA guides Americans in ensuring their families and communities are ready in case of natural disasters or other emergencies.But did you also know that the Financial Industry...
Read MoreLife Doesn't Stand Still
If you haven’t reviewed your insurance profile in a while, you may be surprised that what made sense in the past no longer fits your life.Here are some ways to quickly evaluate your needs.Stop on a DIME - To use the DIME method,...
Read MoreImportant Details on Student Loan Relief
The White House recently forgave up to $10,000 to student loan borrowers as part of a larger debt forgiveness program. There are still quite a few questions to be answered, but here are some key points to know.Pell vs. non-Pell: Loan...
Read MoreUnpacking the Summer Economy
In the financial world, some weeks are more important than others, and we just lived through a big one. Let's unpack each of the four key stats:The Fed. As expected, the Fed bumped up short-term rates again at its July meeting. But the...
Read MoreYour 4% Withdrawal Strategy May Not Be Enough
YOUR 4% WITHDRAWAL STRATEGY MAY NOT BE ENOUGH Get the Tax Guidance You Need to Help Live the Retirement You Desire There’s a lot of concern among industry experts about whether the popular 4% withdrawal rule can provide enough income...
Read MoreCompany Transition Thoughts
A Look Back at Our Company Transition
Read More25 Years Ago Today: A Teachable Moment December 2021
25 Years Ago Today: A Teachable Moment December 2021 Today marks a most significant anniversary in the economic and financial history of the United States. When properly appreciated, it can serve as an importantly teachable moment.
Read MoreRoller-Coaster Week in Washington
Debates over government debt, taxes, and infrastructure have captured the attention of the nation for weeks. All eyes are on Washington and Wall Street as these events play out, with potentially far-reaching consequences that seem to...
Read MoreThe Underutilized Benefits of a Health Savings Account
Healthcare can be one of the priciest yet essential parts of life’s journey. And yet, many struggle to utilize the financial tools that may help. Take Health Saving Accounts (HSAs), for example.In 2019, 55% of those with HSAs...
Read MoreConsiderations During Medicare’s Open Enrollment
How long has it been since you’ve reviewed your Medicare policy? With open enrollment fast approaching, there are a few questions you may want to ask yourself before you renew, add, drop, or switch coverage. Have you switched...
Read MoreReady for Medicare Open Enrollment?
Medicare’s annual open enrollment period begins October 15 and ends December 7. During this time, current Medicare beneficiaries have the option to adjust their coverage for the coming year. Any changes to your plan will go into...
Read MoreThe Fed Can't Keep a Secret
If you have a secret, don’t tell anyone at the Federal Reserve Bank. They may leak the story before you’d like.In early August, multiple regional Federal Reserve Bank presidents hit the speaking tour. They made headlines...
Read MoreLower the cost of your life insurance.
Here’s a little-known fact that may help you save money on life insurance: when it comes to underwriting, insurance carriers typically rate clients to their closest birthday. What does that mean? It means that if you are 39...
Read MoreMarket Commentary: Key Items to Watch This Week
Stock futures were once again lower this morning as investors continue to worry about increased inflation. There is no doubt we have signs of inflation ramping up; the real issue is whether the price pressures will be temporary. That...
Read MoreWeekly Market Insights: Stocks Mixed Amid Uncertainty
Stocks were mixed last week as worries that stretched from Washington D.C., where prospects of a new fiscal stimulus bill dimmed, to Europe, which saw an increase of new COVID-19 cases.The Dow Jones Industrial Average declined 1.75%,...
Read MoreWhen your spouse passes away, are you prepared for the financial impact?
When your spouse passes away, are you prepared for the financial impact? Losing a spouse creates an emotional crisis for you and your family. What’s worse, it leaves many partners with financial uncertainty and questions like,...
Read MoreNEW PPP Forgiveness Update
Patience: that is the key word regarding the PPP loans. While everyone is anxious to file paperwork for the forgiveness of PPP loans, I don't believe it is the time to do so. The SBA has not completed the final version of form 3508....
Read MoreNew Oklahoma Business Relief Program Available
New Business Relief Program program through Oklahoma State Commerce. Developed to help local businesses across the state overcome the economic challenges of COVID-19, the Oklahoma Business Relief Program (OBRP) offers vital funding for...
Read MoreTwo Major Changes to Give Business Owners more PPP Flexibility
Last night the US Senate, passed the US House version of PPP legislation to address several items. Know as the Paycheck Protection Flexibility Act, this legislation makes two major changes to give business owners more flexibility to...
Read MoreWhat if you missed the five best days?
Hindsight is 20/20. It’s only human to imagine what it might have been like to turn left instead of right on some fateful day. However, that sort of daydreaming is unhelpful when investing, especially when it leads you to try...
Read MoreOffice Update/Tax Returns/The Uncertainties Ahead
We're still preparing tax returns, and as always, we're available for any wealth management services you need. We continue to encourage the use of phone, face time, and zoom appointments. If a face to face appointment is preferred, we...
Read MoreSBA, PPP, IRS revision UPDATE
Update on SBA Paycheck Protection Program Guidance (As of May 11, 2020- SBA IRA revisions occur often) The Small Business Administration and Treasury Department continue to release new interpretations or further revelations on the...
Read MoreA market lesson that should not be forgotten
Undeniably, spring 2020 has tried the patience of investors. An 11-year bull market ended. Key economic indicators went haywire. Household confidence was shaken. The Standard & Poor’s 500, the benchmark for the broad stock...
Read MoreLooking for your stimulus check?
Are you eligible for a stimulus check from the Treasury Department? As of Friday, April 24, the Internal Revenue Service said it had issued 88 million payments to individuals across the country. It plans to send out more than 150...
Read More