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:

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

Top 10 Estate Planning Tips in a Time of Coronavirus

By GRA News Blog | July 6, 2020

The COVID-19 pandemic has many people finally taking action to fill out advance health care directives, wills and powers of attorney. Here are some tips to help you along the way. It has arrived: the unexpected, potentially life-threatening circumstance you had in mind when you set up your estate plan, and now you’re feeling really…

Lost your job? Here’s what to do with your 401(k)

By GRA News Blog | June 30, 2020

Consider all of the options when transitioning a work-sponsored retirement plan. Getty Images Every week, millions of Americans are filing for unemployment due to the COVID-19 crisis. Whether you’ve been with a company for six weeks or six years, if you lose your job, there are plenty of options for what to do with your vested…

If your company has stopped matching 401(k) contributions, you can still save for retirement — you just might want to change how you do it

By GRA News Blog | June 30, 2020

Hero Images/Getty Images According to a survey by Fidelity Investments, about 10% of employers have or plan to suspend their company’s 401(k) match. If you’ve lost your employer match, saving in an IRA before your 401(k) could be more beneficial, since IRAs have more investment options and lower fees. After you’ve maxed out your IRA,…

If you didn’t save as much for retirement as you wanted last year, you have until July 15 to make contributions

By GRA News Blog | June 26, 2020

The deadline to contribute to IRAs and HSAs is Tax Day. mixetto/Getty Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. The federal tax deadline is July…

2020’s Tax Burden by State

By GRA News Blog | June 24, 2020

Adam McCann, Financial Writer  •  Jun 24, 2020 This year, Uncle Sam will take his cut of the past year’s earnings a bit later than usual, on July 15. This three-month delay gave Americans some extra time to get their financial situation in order following the economic devastation caused by the COVID-19 pandemic. However, many taxpayers are…

IRS Expands CARES Act Tax Breaks On Retirement Plan Distributions, Loans

By GRA News Blog | June 24, 2020

The IRS expanded the number of taxpayers who qualify to tap into their retirement plans using the generous provisions of the CARES Act. The IRS also answered questions about details of distributions and loans under the CARES Act that have been asked by employers, employees, and plan administrators. The Coronavirus Aid, Relief, and Economic Security…

12 Ways to Get Your Retirement Plan Back on Track

By GRA News Blog | June 23, 2020

If your financial situation hits a rough spot, there are a number of things you can do to get your retirement plan moving in the right direction again once you get back on your feet. by: Diane Davis Does it feel like the coronavirus pandemic has pushed all your retirement plans by the wayside? If you…

More Than a Meal

By GRA News Blog | June 19, 2020

When we lost restaurants this spring — when their doors closed and many of their workers were sent home — we didn’t just lose places to be fed. We lost a theater of experience. Here, several renowned writers recount some of their most memorable meals out. Our New Friends by Ruth Reichl “Do we have…

4 Things Baby Boomers Should Focus On After The Fed Stimulus Ends

By GRA News Blog | June 16, 2020

As the “easy money” era runs its course, money management doesn’t have to be difficult. A look at what’s next. From low rates to where? There was a time when retirement planning was straightforward. It went something like this: invest some money in stocks for growth, and buy bonds with the rest. After all, bond prices…

Federal Reserve Vows To Help Economy Weather The Pandemic Recession

By GRA News Blog | June 11, 2020

The Federal Reserve left interest rates near zero Wednesday and once again promised to deliver whatever monetary medicine it can to an economy that’s badly ailing from the coronavirus pandemic. “The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time,” the central bank said…

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