Coronavirus


How COVID-19 is impacting our business and your financial strategy

Stimulus Check Calculator

Use this calculator to determine your rebate using your AGI, number of dependents, and filing status

On-line Resources

US Small Business Administration - SBA.gov

Internal Revenue Service - IRS.gov

US Department of Labor - Family First Correspondence Act - DOL.gov

US Department of Education - Student Loans - ED.gov

Social Security Coronavirus help: SSA.gov/CoronaVirus

Consumer Financial Protection Bureau  - scams - ConsumerFinance.gov

State of Louisiana Coronavirus Response - Coronavirus.la.gov

State of Mississippi Coronavirus Response - Coronavirus.ms.gov

 

FAQ On The Show

TOPIC: Should I dip into my 401(k) / IRA?

Coronavirus Relief Program instant download.

You can find out about:

  • Are you Eligible?
  • What will lenders be looking for?
  • How much can you borrow?
  • Will this loan be forgiven?

TOPIC: What's in the Coronavirus Stimulus (CARES Act)?

TOPIC: Coronavirus crushed my Airbnb. Can I get assistance from the relief package?

TOPIC: What if my IRA took a beating with the market downturn?

TOPIC: Do I have to pay back my 401(k) if I withdrawal early?

TOPIC: Is borrowing from my 401(k) considered a loan because of Coronavirus?

How can you get help from the Coronavirus stimulus packages? Here's a few ways:

Stimulus Round 2: What's in the HEALS Act?

This includes another round of stimulus checks, a sequel to PPP, liability protections, and an extension of Unemployment benefits. Here's a rundown of the legislation from Fox Business.

Economic Impact Payment:

This is the stimulus check that most citizens will get, and most people will get it automatically.

If you haven't received your check, but are expecting one, the IRS has set up an online portal for you to track your Economic Impact Payment (IRS.gov/GetMyPayment)

If you don’t normally file a tax return, you can use the agency’s non-filers tool to update your information

If you moved since you last filed your taxes and can’t provide direct deposit information, you can change your address here.

The Paycheck Protection Program:

Small business loans that may be forgiven if used to keep employees, and convert the rest to a low-interest SBA loan. The rules of the program are on the Small Business Administration site: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
If you have received a PPP loan, you may now apply for PPP loan forgiveness. Here's a review of the process from FoxBusiness: https://www.foxbusiness.com/money/small-business-owners-ppp-loan-forgiveness-application
The application for a Small Business to have their PPP loan forgiven is now available on the SBA website here: https://www.sba.gov/document/sba-form--paycheck-protection-program-loan-forgiveness-application

Economic Injury Disaster Loans:

Business loans that may forgive a $10,000 advance, and convert the rest to a low-interest SBA loan. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

FFCRA - Family First Coronavirus Relief Act:

This portion of the stimulus bill relaxes the qualification guidelines for unemployment, extends the length of benefits, and increases the size of unemployment checks. https://www.dol.gov/agencies/whd/ffcra

Mortgage help:

Many banks are offering a deferment or forbearance on mortgages affected by the shutdown, but the details are different from bank to bank.

Student Loan payments suspended:

Federal student loan payments are automatically suspended until September 30, 2020, along with a pause in interest. Also, there's temporary stop to collections and garnishing for outstanding student loan debts. For more ways you can get some help with your student loan debt during the Coronavirus: you may be able to restructure your payment plan, or refinance your student loan altogether.

Penalty free withdrawals from your 401k/IRA

In response to the Coronavirus the IRS will let you withdrawal up to $100,000 dollars from your 401k/IRA penalty free, but there are rules. The 401k withdrawal will count as a loan that you must pay back within 3 years. Any outstanding repayments from 401k loans will have no more payments due in 2020.

Social Security:

Social Security recipients should expect a stimulus check soon, unless you are claimed as a dependent or make too much income to qualify.  If you would like to add or update your address or direct deposit information, a portal has been set up for you.

Opening America:

Some areas are slowly phasing out the Stay At Home orders, and are reopening society and the economy.  The White House has laid out a guide for both individuals and small businesses on how to get back to regular life in the face of the continuing Coronavirus pandemic: WhiteHouse.gov/OpeningAmerica

SSI Recipients NON-filers:

SSI recipients who have dependent children and did not file 2018 or 2019 taxes need to act by Tuesday, May 5, in order to receive additional payments for their eligible children quickly. https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

News Articles

Small Businesses Are Dying by the Thousands — And No One Is Tracking the Carnage

By GRA News Blog | August 12, 2020

A boarded up building in downtown Louisville. Photographer: Andrew Cenci/Bloomberg Big companies are going bankrupt at a record pace, but that’s only part of the carnage. By some accounts, small businesses are disappearing by the thousands amid the Covid-19 pandemic, and the drag on the economy from these failures could be huge. This wave of silent…

IRS retirement plan distribution repayment deadline approaching

By GRA News Blog | August 11, 2020

Rolling over plan distributions can help defer tax payments Retirement savers looking to take advantage of a provision that relieves certain people of taking required minimum distributions this year need to take action by the end of the month. The CARES Act allowed individuals to skip taking their required minimum distribution in 2020, but some people may have…

IRS to adjust stimulus payment errors for eligible individuals

By GRA News Blog | August 10, 2020

Some individuals who did not receive their economic impact payment – or received less than they were eligible for – may not have to wait until next year to see the amount corrected. The Taxpayer Advocate Service will help the IRS resolve stimulus check issues beginning on August 10 – and the IRS will start correcting payment…

What the Coronavirus Could Mean for Your Wallet

By GRA News Blog | July 28, 2020

A LOT has changed in the last four-plus months…from what we know about COVID-19 to its effects on jobs, the economy, and stocks. And how the gov is responding to all of it. Here’s the latest on how the coronavirus may be affecting your wallet. You may be getting (another) check from the gov. In March,…

Nearing Retirement? Take Another Look at Roth Conversions

By GRA News Blog | July 24, 2020

Due to lower tax rates and the recently passed SECURE Act, those nearing retirement should consider a Roth conversion. For those nearing retirement, taking the right planning steps is even more important, given the narrowing time frame to leaving the workforce. This current year brings forth planning opportunities to help you achieve your retirement goals…

Layoffs and lawsuits: Colleges resort to last-ditch efforts to stay afloat

By GRA News Blog | July 24, 2020

KEY POINTS As colleges face extreme budget shortfalls, some schools are laying off staff, slashing salaries and reducing retirement benefits. But teachers are fighting back. With declining enrollments, reduced giving and state funding cuts, colleges are resorting to last-ditch efforts to stay afloat. Now teachers are the latest victims of extreme cost cutting. The University…

‘Don’t get greedy’ — Mark Cuban warns investors of stock similarities to 1990s dot-com bubble

By GRA News Blog | July 21, 2020

KEY POINTS Billionaire businessman Mark Cuban on CNBC on Monday compared the stock market’s big run-up from its late March coronavirus low to the 1990s tech frenzy. “In some respects it’s different because of the Fed and the liquidity,” Cuban said. “But on a bigger picture, it’s so similar.” “Everybody is a genius in a bull…

Typical Retirement Savings By Age Groups: Are Yours Bigger?

By gregoryricks | July 17, 2020

Are your retirement savings growing as fast as other people’s in your age group? Did the conoravirus knock your retirement off track? The answer might be surprisingly upbeat. In a season filled with distressing news about the coronavirus pandemic, disappearing jobs, lost income and — don’t forget — civil strife and racial injustice, some Americans are constructing very…

How Well Do Masks Work? (Schlieren Imaging in Slow Motion)

By GRA News Blog | July 15, 2020

Wearing a mask is a cheap and easy way to help stop the spread of airborne infections like COVID-19. It’s also a sign that you want to help protect other people and have them protect you… that we’re all in this together. Here’s some awesome slow-motion schlieren imaging experiments to demonstrate why masks work! Share…

July 15 Tax Deadline For 2019 Returns And 2020 Estimates: Save For Retirement And Save On Taxes

By GRA News Blog | July 14, 2020

  July 15, 2020 is the final day you can make Individual Retirement Account contributions for 2019.  GETTY   As the official July 15, 2020 tax day deadline is fast approaching and plenty of taxpayers have yet to file 2019 returns and 2020 estimated payments, the Internal Revenue Service is urging folks to file and pay…

In The Media

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Winning at Life with Gregory Ricks covers the latest in financial news and how it affects your wallet. Tune in weeknights 7p-8p and Saturday 10a-1p

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Coronavirus update from Gregory Ricks

UPDATE: May 14, 2020

We have decided that on Monday, May 18, we will begin allowing in-person office visits as deemed necessary.

For those who do not feel comfortable coming inside of the office, we will continue scheduling phone visits or virtual meetings via Zoom video call.

Office Hours:
Monday - Thursday 9:00 AM - 4:00 PM
Friday 9:00 AM - 3:00 PM

As always, the office and conference rooms will be thoroughly sanitized after each visit. Please reach out if you have any questions, (504) 832-9200.

If you have been sick, or have been in contact with someone who is sick, we ask that you do not come into the office and instead schedule a phone visit or virtual meeting.

UPDATE: March 16,2020

Like you all, we are carefully watching the Coronavirus situation. We understand your concerns and we share them. Our clients, potential clients, employees, and communities are our top priorities and at the heart of every decision, we make. We believe it's critical that we do our part to help reduce the transmission of COVID-19. Below you will find the steps we are taking to protect everyone in this continuously-evolving situation.

  • We are following the guidance of the Centers for Disease Control and Prevention (CDC) for best hygiene practices.
  • Our offices have increased daily cleaning routines, including sanitizing doorknobs and conference rooms and providing hand sanitizer as you walk into the office.
  • If you are sick or have come in contact with someone who is sick, please do not come into the office. We can reschedule your visit, do a phone visit, or make other arrangements if necessary.
  • We have canceled all in-person speaking events in March. This includes Wine, Wisdom & Food Experiences™, Social Security Workshops, and Estate Planning Lunch & Learns. However, we understand that this information is pertinent so we will be hosting live webinars that you can enjoy from the comfort of your home. Please be on the lookout for an email about this in the coming days.

We will continue to monitor what's going on in our community and bring you important information as we receive it.

Best,
Gregory Ricks

Ready to Take The Next Step?

Gregory Ricks and his team can help you toward achieving your financial goals. To learn more about our personalized custom services, schedule a visit today or register for our next live speaking event!

Or give us a call at (504) 832-9200