COVID-19 Business Resource Center

October 22, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

It is official, Lenders are submitting decisions on PPP Forgiveness Applications

Recently, a Foresight client reached out to our team with wonderful news to share. Their lender had completed the review of their PPP Forgiveness application and approved their amount in FULL! We knew that the Small Business Administration officially opened their Paycheck Protection Program loan forgiveness portal to lenders back in August.  And of the millions of loans approved under the program, the SBA had only received thousands of forgiveness decisions from lenders. Ultimately, the PPP loan forgiveness process is a lengthy one. It requires the small business to complete the application and submit it to the lender. The lender then has 60 days to give its decision. That decision is then relayed to the SBA, who then has 90 days to process and finalize the application and reimburse the bank for the loan. There is also the possibility of […]
August 28, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Paycheck Protection Program Forgiveness Update

We are awaiting Congress to pass a new stimulus bill.  In the original bill, it appeared that all PPP loans up to $150,000 (and potentially up to $250,000) would be “automatically forgiven.”  This meant filing only a confirmation of use/need. As we are still waiting for final guidance, some lenders are telling those with PPP loans of $150,000 or less continue to wait it out.  There is no hurry to apply for forgiveness as they are hoping the government will pass legislation that will simplify the forgiveness process for these loans. At this time, if your PPP loan is greater than $150,000 you should reach out to your bank to see if you should submit the forgiveness application.  Most companies will be able to use the EZ application.  The instructions for the SBA version of the EZ application may be […]
August 26, 2020

RMDs Waived in 2020

Did you know that for 2020, The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives all required minimum distributions (RMDs) from defined contribution retirement accounts, including 401(k), 403(b), or IRA plans?  The rules surrounding RMDs can be complicated and can sometimes require a few conversations with your financial advisor to successfully navigate. If you are required to take RMDs the 2020 waiver applies to you regardless of age. This includes those 72 years of age, and those who turned 70.5 if you were born before 7/1/49 but have not taken RMD’s yet. If you already withdrew your RMD for the year, you have until August 31, 2020 to roll the funds back into your retirement account. The CARES Act has made many changes to retirement accounts that may be of benefit to you in 2020. Need help interpreting the […]
August 5, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Am I at Risk of Having My Identity Stolen or Being a Victim of Fraud?

The COVID-19 pandemic has caused many of us to rely on technology more than ever for both professional and personal use. Many individuals are unsure if this increase in technology use has left them susceptible to identity stealing and fraud. As part of our Foresight Roosevelt Wealth Management alliance, Roosevelt Investments provided a comprehensive checklist titled, “Am I at Risk of Having My Identity Stolen or Being a Victim of Fraud?” featuring issues and suggestions to consider to help avoid cyber threats. In general, this checklist can help you navigate and identify actions to take to avoid falling victim to scams, theft, and fraud. To view this checklist, click the link below. As we navigate through these times of uncertainty and adjust to our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business […]
July 31, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Paycheck Protection Program Forgiveness Applications Placed on Hold

The Small Business Administration has informed lenders that the Paycheck Protection Program Forgiveness Platform will not begin the review and acceptance of Forgiveness Applications until at least August 10, 2020. Any new legislative amendments to the forgiveness process require may extend this date. Many borrowers who received PPP loans have already completed their specified “covered period” and spent the PPP loan proceeds. The plan was to submit the forgiveness applications as soon as possible. It is suggested that any necessary documentation be assembled in preparation for submission although lenders are not currently accepting applications. For more detailed information, please visit the Small Business Administration’s website. As we navigate through these times of uncertainty and live out our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations. Please visit our […]
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