Coping with Financial Issues of COVID-19 - Part 8
By Randy Gerard, Personal Financial Counselor
/ Published May 13, 2020
ROSECRANS AIR NATIONAL GUARD BASE, Mo. --
The May RSD was a huge success as we were able to see over 240 of you during 12+ virtual sessions. As you get more comfortable with Zoom, Webex or MS Teams please drop in or reach out to any of us in the Resiliency Team. We are here to help in a multiple of ways but we need to know who needs us. Enjoy the following items and contact me if you have any questions.
- As a review of what I went over during the virtual RSDs, note this information on the tax treatment of the stimulus payments (check with your tax advisor).
- The “Recovery Rebate Credit” (as technically called in the CARES Act) is a one–time payment from the government through the IRS.
- Is based on income thresholds and filing status, which are increased if you have qualifying dependent children under age 17 living at home.
- Non-filers can still qualify for the payment. (Disability, SSI, VA and maybe SS retirement) – Use tool on IRS site.
- Will not be included in your income for 2020.
- Will not have to repaid.
- Will not affect your 2020 tax return or any potential refund.
- Paycheck Protection Plan-Economic Injury Disaster Loan – Last week I provided a link related to additional funding that was occurring and I’m following this week with some information on the use and treatment of the loans if you receive one.
- Loan is forgiven if you keep employees on payroll 8 weeks and use at least 75% on payroll. No more than 25% on non-payroll expenses.
- EIDL of up to $10,000 is immediately forgiven.
- Deadline to apply for PPP is June 30, 2020.
- Can apply for both, but can’t use funds for same thing (e.g. payroll).
- Change in Weekly Zoom Sessions – As promise last week I have modified my weekly Zoom offerings. I have decided for Tuesday’s to retain a 2-hour drop-in session from 1:00-3:00. On Thursday’s I will also have a 2-hour session but the first hour will be a specific briefing with a 1-hour Q&A following. This week’s topic will be “Stretching Your Money” - https://zoom.us/j/570712820?pwd=Y1FUQWVRWXEzdGl5WHdRellkbFRIQT09
- Dr. Phil Pringle, WDPH, shared during our virtual drill sessions a very helpful report from a study done for astronauts as they spent significant time essentially “quarantined” in space. These 4 Essentials were identified as critical for astronauts to maintain mission focus:
Stay safe, be vigilant and let’s get through this together!
Randy Gerard, PFC
C (573) 415-6934
O (816) 236-3659