Ohio unemployment compensation fraud is running rampant. The Ohio Department of Job and Family Services reported that for the week ending February 6, there were 44,000 potentially fraudulent unemployment claims out of 140,444 (31%). You may know a friend or family member that has been targeted in this identity theft scam or you may be a victim yourself.
The White House announced changes to the current Payroll Protection Program (PPP2) with the intent of further helping small businesses and sole proprietors. Although the program is currently open to all eligible businesses, beginning tomorrow, February 24, only business with 20 or fewer employees will be able to apply for funding.
Many acknowledge they are in need of an estate plan yet struggle to actually put a plan in place. In fact, a recent 2021 study by caring.com found that only 32% of adult Americans have a will or another type of estate plan in place. The study also points out that the majority of those that do have documents in place are 55 and older.
Month-to-date, February’s stock market performance has certainly been making up for January’s disappointing end. There are several reasons for the equity market’s overall optimism, all of which point toward better days ahead for the economy.
The SECURE act was a very impactful piece of legislation that would still be top of mind if it weren’t for the events and changes that have followed since its passage in December 2019. Among other things, the SECURE act increased the age of Required Minimum Distributions (RMD) to 72 from 70.5.
Before employers rush to ask for forgiveness on their Small Business Interruption Loans issued under the Paycheck Protection Program (PPP) they may want to check their eligibility for the Employee Retention Credit (ERC) first. New legislation from the Consolidated Appropriations Act (CCA) 2021 created the opportunity for businesses to take advantage of both the PPP and the ERC.
While the expression often goes “time is money,” at Buckingham Advisors we believe a more fitting expression would be “money is time.” No one can have more time, and money cannot directly buy happiness, but having more wealth could allow you to focus more of your time on what you enjoy. Money is a tool, not something to be loved or feared in and of itself.
It is said that there often seems to be a disconnect between Main Street and Wall Street. Despite all the social and economic pain endured last year and the fastest market decline for the S&P 500 into bear market territory, 2020 ended with the S&P 500 rising 18.4% and reaching 33 new record closing highs. After last year, we really should be used to expecting the unexpected from markets.
At the end of 2020, Congress passed, and President Trump signed a new law that provides for additional relief related to the coronavirus pandemic. This law, the Consolidated Appropriations Act 2021 (CAA 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans), as well as an expansion and extension of the Employee Retention Credit.
Happy New Year! We hope you had a healthy and wonderful holiday season. Here are some financial tips and ideas to help you start off on the right foot as we move into 2021.