As of this afternoon, the Coronavirus Response and Relief Supplemental Appropriations Act had been passed by both the House and the Senate, but not yet signed by President Trump. Though President Trump is calling for some changes to the Act before he will sign, we wanted to address a summary of this bill that is over 5,500 pages and to highlight the areas that will impact a large percentage of our clients.
Usually by this time of year vacations are over, children and grandchildren are settled back into school, and the focus begins to shift toward the upcoming holidays. However, as we are all reminded daily, 2020 has been anything but an ordinary year. Many individuals find themselves asking what they should be doing right now to plan for the months ahead.
It is hard to believe we are already in the fourth quarter of 2020. Usually by this time of year, vacations are over, children and grandchildren are settled back into school, and the focus begins to shift toward the upcoming holidays. However, as we are all reminded daily, 2020 has been anything but an ordinary year. We are in the midst of a global health pandemic. There is civil unrest across the country and we are approaching a presidential election with a close race between two individuals who are vastly different.
What a year it is has been so far, with the coronavirus pandemic throwing a wrench into our way of life. Social distancing from one another and wearing masks have become the new normal. Our nation has faced unprecedented times in terms of shutdown. Many businesses and schools have found themselves embracing technology in order to operate and move forward. Our government has taken several actions to provide relief to business and individual taxpayers, with the passing of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act).
As many parents embrace summer and recover from a challenging stint of homeschooling their children, there is one aspect of education that will stay primarily our responsibility: teaching our children about money.
With the Paycheck Protection Program funding gone, many small businesses are wondering if there are other alternatives to help support those that have been impacted by COVID-19. If your business was affected and not able to receive funding, not all hope is lost. Other options are available that can provide financial relief to businesses that have retained their employees.
During times of market volatility, our team at Buckingham Advisors works diligently to identify opportunities to implement tax and financial planning strategies. While it can be very distressing to see account balances go down, it’s important to remember that stocks/equities are long-term investments, and pull backs and moments of fear are a part of economic cycles. In this article, I want to cover some basic financial planning principles to ease anxiety and discuss a few more advanced planning strategies to consider.