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

Revocable trust vs. will: A guide to estate planning in the age of coronavirus

By GRA News Blog | November 16, 2020

Coronavirus has proven to be a major threat to our overall well-being. And with all the trouble it’s caused to families, now could be a good time to review your own estate planning needs. It’s something that many people may be overlooking, either accidentally or on purpose, as this economic and health crisis plays out.…

The Bidens and China Business

By GRA News Blog | October 21, 2020

The story won’t go away without explanation, even if the Veep wins. Most of the media is ignoring the emails found in Hunter Biden’s laptop, but that doesn’t mean they aren’t news. Joe Biden has an obligation to answer questions about his son’s influence-peddling and his own financial dealings—notably regarding China. The New York Post…

This Overlooked Variable Is the Key to the Pandemic

By GRA News Blog | October 2, 2020

This Overlooked Variable Is the Key to the Pandemic It’s not R. There’s something strange about this coronavirus pandemic. Even after months of extensive research by the global scientific community, many questions remain open.Why, for instance, was there such an enormous death toll in northern Italy, but not the rest of the country? Just three…

Stimulus check: Who counts as a dependent for your taxes and how much money could you get?

By GRA News Blog | September 15, 2020

If a second round of stimulus payments gets approved, you could be eligible for more money based on your dependents. Here’s how to find out. If you claimed dependents on your 2019 tax return, you should have received $500 per dependent in the first round of stimulus checks. The rules for who qualified as a…

Many older workers entered the pandemic with little saved toward retirement. Here’s how they can improve their finances now

By GRA News Blog | September 11, 2020

KEY POINTS A lot of older workers do not have a pension or 401(k) plan to draw money from when they retire. Many approaching retirement often have meager savings — just $88,000. If that’s you, there are steps you can take to help you live more comfortably later. Many people’s retirement dreams received a reality check following the…

People who tapped 401(k) plan during pandemic are stealing from their future selves, advisors warn

By GRA News Blog | September 8, 2020

KEY POINTS Hundreds of thousands of Americans have pulled money from 401(k) plans during the coronavirus pandemic. The CARES Act allowed savers to withdraw up to $100,000 before the end of the year without penalty. Thinking of retirement savings like a monthly income stream, similar to a pension or Social Security, instead of a lump…

Here’s how the pandemic has upended the financial lives of average Americans: CNBC + Acorns survey

By GRA News Blog | September 1, 2020

From jobs to savings to retirement plans, the coronavirus pandemic has upended many Americans’ financial lives. While millions are still unemployed and many have seen their emergency savings run dry, it isn’t all necessarily negative. Many are saving more and spending less. In fact of those surveyed in a new CNBC + Acorns Invest in You survey,…

Sandwich Generation Faces Caregiving Challenges

By GRA News Blog | August 31, 2020

The sandwich generation has it tough in the best of times. The pandemic has made it even tougher. Life is chaotic for the Galluzzos with the entire family at home all day. Photo by Gina LeVay Things were hard enough for Jennifer Galluzzo before the pandemic hit. Four years ago, the full-time working mother of three became…

Gold Will Need More Bad News to Keep Prospering

By GRA News Blog | August 25, 2020

If an economic recovery continues, expect the precious metal to suffer Questions about gold often get to the heart of what’s going on in finance and economics. Ask why the price is up so much this year, and the most popular answers are ones that might make the heart miss a beat: The Federal Reserve…

What a Payroll Tax Holiday Could Mean for Your Wallet

By GRA News Blog | August 14, 2020

A lifetime ago (in March), President Trump signed the $2 trillion CARES Act into law. Fast forward to August: some parts have expired, unemployment is still scary-high, and Americans want an update. On Saturday, Trump signed a few executive orders he thinks can help. Including one that says Americans earning less than about $100K can…

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