Breaking Down the Extra $300 Unemployment Benefit

Overview On August 8, 2020, President Trump issued a Presidential Memorandum to authorize an additional $300 per week in unemployment benefits for eligible individuals.  This program is called Lost Wages Assistance (LWA) and is administered by the Federal Emergency Management Agency (FEMA).  The LWA program was created in response to the expiration of the $600 … Continued

Student Loans: An Update as of August 2020

As the US economy grapples with the pandemic there have been multiple initiatives to help manage what has been a difficult situation for millions. One of those initiatives was a move to help with student loan payments. On March 27th, Section 3513 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided zero-interest federal student … Continued

Payroll Tax Deferral: What Does It Mean for My Paycheck?

On August 28th, 2020, the IRS issued it’s guidance regarding the August 8th executive order regarding payroll tax deferral for the rest of 2020.  This order directed the U.S. Treasury to allow employers to stop collecting Social Security payroll taxes through December 31, 2020 for workers making less than $4,000 bi-weekly/ $104,000 annually. Recall that you … Continued

Mindful Money Management

As the world attempts to emerge from the Covid-19 lockdowns and tentatively eases up social distancing restrictions, I noticed something unusual.  I haven’t been spending nearly as much money as I usually do.  This makes sense, of course; I have hardly been going anywhere to spend money (except for online shopping at Amazon, that is).  Being forced to limit our activities, and subsequently … Continued

Spending Less in Quarantine?

Have you ever felt like you could reach your financial goals if you just buckled down and did not spend money for a certain amount of time? With travel and opportunities to dine out limited, quarantine presents an opportunity to save some extra money if you are able to do so. Those who have had their income impacted can refer … Continued

Managing Your Credit Card Through the Pandemic

As a result of the economic downturn, millions of Americans have sought financial relief. Credit card companies have stepped up to offer support, but the question stands, is it in my best interest to take the offer or continue to pay as planned?  Should you take advantage of a deferred payment?  Probably the most known form of relief comes in … Continued

Penalty-Free Retirement Account Withdrawals Under the CARES Act – FAQs

We find ourselves well into the coronavirus pandemic, along with its associated quarantines, social distancing guidelines, economic disruptions, and more than a few new rules to follow. As we all continue to adapt and adjust to these changes, now is a good time to clarify some of the retirement account provisions contained within the CARES Act passed by Congress on March 27, 2020.   Although this … Continued

Employee benefits: It’s More Than Just Pay

As part of employment packages, there is usually a whole suite of benefits to entice employees. We all likely use some of our benefits, but what else might be available to you? The Big Three Health Care- Shortly after asking “How much does it pay?” comes  “What are the health benefits?”.  For many employees this … Continued

Action Plan: How to Invest in a COVID-19 Environment

Action Plan: How to Invest in a COVID-19 Environment This action plan will provide guidance on how to manage your investments not only during the COVID-19 pandemic, but beyond. During market downturns, having a solid plan to manage your investments for both short and long-term goals is vital to building financial security and providing you … Continued

SBA Paycheck Protection Program

As of April 27, 2020, the United States government made available an additional $484 billion in support of a second round of Covid-19 stimulus to assist small businesses. Two types of forgivable loan programs are available, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. If you own a small business that has been negatively impacted by the coronavirus, you may … Continued

2020 Stimulus Checks: Answers To Frequently Asked Questions

The Economic Impact Payments are one of the more popular provisions of the CARES Act, which was signed into law in late March, 2020. Here are answers to the most commonly asked questions we are receiving. How much will I receive? The amount you receive will depend on what was reported on your most recent … Continued

Where Is My Coronavirus Stimulus Payment?

If you are anxiously awaiting your Economic Impact Payment (a.k.a. coronavirus stimulus) from the federal government, you are not alone considering the 16 million or so American workers who have recently filed for unemployment in the wake of the COVID-19 pandemic. According to the Internal Revenue Service, automatic payment distribution to qualified recipients is scheduled … Continued

Stimulus Checks: The When, How And What To Spend Them On

By now I’m sure you’ve heard that qualifying US taxpayers will be receiving a stimulus check, or what’s technically called your economic impact payment. If not, here’s what the IRS wants you to know. Beyond that, keep reading for a few tips on how to best make use of the funds once you receive them. … Continued

How Should I Handle My Student Loans During This Crisis?

The following post is an excerpt from the Financial Finesse FORBES Blog. You can read the original post in its entirety here. A financial crisis leads to fast paced change. When this occurs, the avalanche of new proposals can feel overwhelming. It is important to separate fact from fiction and determine how these changes can influence … Continued

Summary of Key Components of the CARES Act for Employees and Employers

CARES Act Highlights Unemployment Compensation Benefits Standard unemployment amount increased by $600 per week, and the benefit period is extended to 39 weeks (from 26 weeks). Benefit will be available at week one. Benefit has been extended to gig economy workers and self-employed individuals as well as individuals who were scheduled to start a new job but could not. Stimulus Package Based on latest tax return, individual taxpayers with an AGI of $75,000 ($150,000 MFJ, $112,500 HOH) or less will be … Continued

COVID-19 Relief For Rent & Mortgage Payments

What should you do if the COVID-19 situation makes it difficult to pay the rent or mortgage due to lost wages, caring for a sick family member, or your own illness? Passage of the federal CARES Act on March 27, 2020 may provide some relief. If you rent: Evictions are frozen for 120 days for … Continued

Don’t Touch Your Face…Or Your Portfolio

The following post is an excerpt from the Financial Finesse Personal Finance FORBES Blog. You can read the original post in its entirety here. These last few weeks have been terrifying for almost anyone with money in the stock market. You may be tempted to reduce the amount you have in stocks or even get out … Continued

FAQs from Your COVID-19 Financial Survival Kit Webcast

You may have joined our recent webcast titled Your Covid-19 Financial Survival Kit. We had a lot of questions come through during the sessions so we want to share the commonly asked ones, with their answers! Our facilitator, Bruce Young, CFP, has provided written answers below. Take a look at the different topic areas, and … Continued