While the #SBA announced that they had stopped accepteding new applications (does not mean you should stop applying) at least for now, that should not deter you. As I've said in previous posts, the #CARESAct (which includes the #PPP & #EIDL programs) is very likely the first in what will be several #stimulus packages.

1) So while the SBA is not currently accepting new applications, it doesn't mean all lenders have stopped accepting applications (hint, hint) so be sure you're in a position to do so at a minimum. We'll be helping clients directly in this regard.

2) While the CARES Act has gotten all the buzz, there are other local programs that exist. In Maryland several jurisications have similar loan & grant programs to do the same or serve a similar purpose. We'll be sending Clients more detailed information with additional states/jurisdications in the coming days.

Here is a quick list of jurisdications with prorams (click the link for additional details)
Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Cecil County, Frederick County, Montgomery County, Prince George’s County .


http://ramlcpa.link/uxi2

#ramlcpa #coronavirus #covid_19 #smallbusiness #business ​

Release Date: 
Wednesday, April 15, 2020
Release Number: 20-32
Contact: Press_Office@sba.gov, (202) 205-7036

​WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program:

“The #SBA has processed more than 14 years’ worth of loans in less than 14 days.  The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time.  The #EIDL program is also providing much-needed relief to people and businesses.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations. 

“We urge #Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.
​
“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible.  We want every eligible small business to participate and get the resources they need.”

​The All England Club reportedly updated its Wimbledon insurance policy years ago to include the infectious disease clause following the worldwide SARS outbreak in 2002. 

The Club’s risk and finance subcommittee is charged with assessing all potential risks to the annual tournament, including global pandemics, terrorist attacks and even the death of a monarch, which would thrust the country into a time of national mourning.

#ramlcpa,#coronavirus,#covid19,#covid_19,#pandemic,#riskmanagement,#businessplanning , #insurance,#planning

In the summer of 2005, President George W. Bush was on vacation.....when he began flipping through an advance reading copy of a new book about the 1918 flu pandemic. He couldn't put it down.
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When he returned to Washington, he called his top homeland security......and gave her the galley of historian John M. Barry's "The Great Influenza," which told the chilling tale of the mysterious plague that "would kill more people than the outbreak of any other disease in human history."

"You've got to read this," Fran Townsend remembers the president telling her. "He said, 'Look, this happens every 100 years. We need a national #strategy.'"

Thus was born the nation's most comprehensive pandemic plan -- a playbook that included diagrams for a global early warning system, funding to develop new, rapid vaccine technology, and a robust national stockpile of critical supplies, such as face #masks and #ventilators, Townsend said.

#ramlcpa #coronavirus #covid19 #covid_19 #Planning #supplychain

Maryland Health Connection, will allow uninsured Marylanders to enroll in health insurance through July 15. The extended date coincides with the new state income tax filing and payment deadline, which is now July 15, 2020 due to the #Coronavirus [ #COVID-19 ] #pandemic.

#ramlcpa #coronavirus #covid19 #COVID_19
#healthinsurance #maryland #marylandexchange,#larryhogan

This is the Coronavirus Small Business Guide and Checklist (PPP) by the U.S. Chamber of Commerce.  It does summarize the information, though I will be publishing my own plain English summary shortly.   

Additionally, by Monday a Clients Only section will be available on our home page with tax news, information, resources, and an FAQ section covering such topics as the Coronavirus #Stimulus package, Paycheck Protection Program (PPP), among other topics, that will be updated and added to regularly. 

#CARESAct#PaycheckProtectionProgram#PPP#SmallBusiness #SBA, #SBAloan, #SBALoans, 
​#emergencyloans, #coronavirus, #COVID-19, #covid19, #covid_19

I was fortunate earlier in my career to work directly with my employer’s risk management department for guidance and feedback as well responsible for most of the insurance accounting for our organization.  Along with previous audit experience of some smaller insurers, I received a world of insight into the world of insurance, including coverage types, specialty insurance, coverage limitations, reinsurance, premium increases (even when costs are flat or going down), and insurance reserves.

If not already obvious, it’s simple to understand that insurance companies are designed to come out on the positive end of premiums received minus claims paid, especially over the mid and long term (reserves help cover acceptable short and long term losses & risks) …..they are in the business of making money.  No, while it's not exactly Vegas, the odds are on the carrier side by using a laundry list of people and means to do so, including: actuaries, risk models, historical experience, premium methodology, client selection process, risk weighting, coverage types provided especially by area & region, coverage limits, and so much more. So, a tremendous amount of information is considered, and we should all get why, as when a carrier fails, everyone seems to lose.

The purchase of this insurance probably starts out something like this with a business owner talking to an agent, "I need to make sure that I have enough coverage for me/my business so if something (catastrophic) major happens and I can't open my doors for more than a couple days, months, or possibly forever, I'll have plenty of protection in place for at least a period of time so I don't lose everything."

The agent’s response, "sure thing, business interruption insurance would be perfect for you. If some major event occurs (excluding those covered by other types of insurance) forcing you to close for several days or weeks, then the policy will provide X dollars a month for X months."

Yes, a bit simplistic but this does occur, and I understand both sides of it, including an agent acting in good faith.  Yet, chances are other than price, the small business owner is hooked, and along with their other coverages think they are fully covered, with the rest being noise and fine print. The carrier knows they've covered a majority, if not near ALL the major risk factors (along with other types of insurance coverage) a business will encounter. However, the carrier ABSOLUTELY KNOWS the owner is nowhere near fully covered, which is the part I really can't stand and needs to change in some meaningful way as this happens all too often.

Now with the entire world being caught in the clutches of the Coronavirus (Covid-19) pandemic we’re hearing the stories once again of insurers denying claims and this time it’s about business interruption insurance, just when businesses need it most.

From the Article in The Advocate https://ramlcpa.link/935ca ...., ​Bill Davis, a regional spokesman for the Insurance Information Institute said:

This response is telling and shows why the excuses need to stop, while solutions being found.
​
A fact of life is there will always be one off crises & events putting money and lives at risk.  Including man made events there have been at least three (3) major world effecting events in the past 20 years which have changed are lives forever (9/11, the 2008 Financial Crisis, and Covid-19).  If you count more localized disasters and events (Katrina, Fukushima, Thailand to name a few…. its 6+ easy, likely closer to 10) this number gets more unsettling very quickly. 

As bad as that may sound, if we look back through the 20th century (I know, history shows how great we are at looking to the past for insight, as why learn something from our past troubles or mistakes) this shouldn’t be much of a surprise, as its littered with events & crises every decade while wiping away billions of dollars & lives in the process (Vietnam, Korea, WWII, WWI, and the Great Depression to name some of the largest).  The one certainty is uncertainty, which is exactly what insurance is for.

So, while pricing in a specific unknown world or local event may be difficult for the carrier, it makes no difference to a business owner if their doors are shut due to a virus, a tsunami, or war. Yes, property damage does matter but that is the easy part.  While this is not a new problem, it is a lot more fixable especially if measures are setup before the next crisis hits and provide more favorable back stops by the government, especially for things that an insurance policy can't be expected to cover. Thus, they can be structured in far more favorable ways for business owners and everyday taxpayers instead of just another last-minute bailout.

#ramlcpa,#business,#covid_19,#covid19,#covd_19, #insurace, #claims, #businessinsurance, #interruptio, #insurer, #insurancecompany, #businessinterruptioninsurance

#Perseverance #Character #Qualities #Resilience #GRIT #Coronavirus #covid_19, #covid19​ #covid-19

​






​Great bits of (concise) information regarding retirement savings, planning, and mistakes. This information is useful for current or soon to be retirees along with those who plan on retiring someday and require growth in their retirement accounts to do so.

Personally item 1. is the real key as talking to and working with a professional provides a greater chance for success. This is because your much more likley to follow a structured process that can and should help to identify a variety of opportunities & risks. Additionally, a more formal process should have protections in place which help to highlight other issues in a portfolio and management of it.......including steps/ways to avoid items 2. & 3.

1) No written plan - Like small businesses, without a written plan your automatically handicapping your chances for success.

2) Not managing sequence-of-return risk
​
3) Not taking the right risk

https://ramlcpa.link/fl4
#ramlcpa #tax #taxplanning #401k #IRA #taxsavings #RetirementPlan #retirement #retirementplanning #retirementgoals #RetirementSolutions #robbinhood #retirementincome #taxstrategy 
#inflation #portfolio

I find that RMDs are one of the least understood & not well-planned tax events in many taxpayer’s lives. At 72, the law requires that most people begin taking ...RMDs, from these tax-deferred accounts (401k, IRA, similar) while easily causing a retiree to pay more in #tax then they should.

The article talks about doing Roth Conversions closer to #retirement, which if done properly can be a very good idea.

However, there is much more taxpayers can do during their careers with Roth funds resulting in far less or no tax. Here's 3 quick strategies:

1. Life's a journey & things happen so in lean years (recession, job loss) a Roth Conversion could be taxed are far lower rates then later.

2. In lean years or years with reduce income due to a life event (unpaid or reduced pay for sickness, injury, maternity, etc.) classify more or all your 401k contributions as #Roth’s (non RMD funds).
​
3. I'm a huge fan of Back Door Roth’s as there a great way to diversify your retirement & increase Post-Tax (non RMD funds) accounts, all while being able to make contributions beyond the W2 limits.

​
#ramlcpa #tax #taxplanning #401k #IRA #Roth #rmd #rmds #taxsavings #retirementstrategy
​ #retirementplanning #retirementgoals #taxstrategy #retirementplan#RothConversion