Another interesting week. 2020 will definitely be a year to remember!
President Trump is encouraging states to start reopening, yet positive cases continue to soar. These are tough decisions and I’m becoming more and more impressed with the thoughtfulness of Governors Lamont and Cuomo and others in the Northeast region. It makes sense for them to work together to minimize the likelihood of people crossing the borders. I know we’re all chomping at the bit to resume our “old” life but who knows when or if that’s going to happen.
Big news this week on the mortgage front. ANYONE with a federally backed mortgage loan can ask their mortgage company for a 6 month suspension of payments and they will get it. There’s a big caveat though – in the 7th month (unless you ask for another 6 month suspension) the full amount of the missed payments could be due. If you decide to pursue this, be sure to be very clear with your bank as to whether the 6 months will be put on the back of the mortgage (preferably at 0% interest) or if they will expect you to make a payment for 7 months in the 7th month. Big difference. This option appears to be available from March 13, 2020 through March 12, 2021. But the good news is under the CARES act, all you have to do is ask – if your mortgage qualifies, the bank can’t refuse your request (and don’t let them talk you into 90 days – you have a right to the full 6 months).
On another topic, we’re taking some of this down time to learn new skills! We’ve done 2 pretty successful webinars with Attorney Sarah Poriss already and will be doing a 3rd on Wednesday. The topic this week will be what to do if you have too much month at the end of your money. Always of interest to many, but of interest to most right now. Click here to register to reserve your spot. We will walk through poor Jane’s options as she, like many of us, just doesn’t have enough income to pay all of her bills.
This is intended to be an interactive session and questions are welcome.
Our next webinar will be on estate planning, currently scheduled for Wed April 29th at 4 p.m. Estate planning is hot right now! Usually our clients procrastinate because they’re going to live forever but that fiction is hard to perpetuate when every night on the news we hear about the thousands of positive test results, and ever-increasing numbers of deaths. Listen….everyone should have up-to-date (defined, to me, as having been signed in the last 2 years) Health Care Powers of Attorneys, Financial Powers of Attorneys and Living Wills. These documents protect YOU. Yes, of course, you should also have a Will and/or a Living Trust but those are luxuries to make life better or easier for your heirs and loved ones. With the Coronavirus still very much with us, protect yourself! You need to be sure the right people can make decisions for you if you get sick. Call us TODAY at 860-232-1920 if you haven’t taken care of this yet or click here to email us.
For over a month now we’ve been offering FREE Powers of Attorneys to anyone in the healthcare field. If you are a doctor, nurse, lab tech, receptionist or are working in any other position at a hospital, doctors’ office, urgent care center, etc., CALL US. Don’t put it off any longer. We can take your information, prepare the documents, and sign remotely so you never have to leave your home or the hospital (or wherever you work). And did we mention it’s FREE??
On the positive side, some people are telling us they’ve received their stimulus checks. For those that didn’t have their banking info on file, the Treasury has started sending out checks; as of today your check may be in the mail!
Small businesses are continuing to have a hard time maintaining overhead and keeping good employees. This affects every single small business you deal with – ours included. We are missing 2 wonderful employees who can’t come to work because their children are home and they need to make home schooling a priority. It’s hard, but if you own a business with 3 – 20 employees, you may want to apply for a $5,000 grant from the US Chamber of Commerce. They opened up applications at 3 pm Monday and their website promptly crashed. Hopefully, it’ll be up again soon – it’s not a lot but if you’re struggling to stay afloat, it may buy you a little more time. Click here to be redirected to the Save Small Business Fund website to see if you qualify.
The big program, the Payroll Protection Program intended for small businesses was pretty much a disaster in the way it was rolled out. I’ve heard from a reliable source that more than 80% of the funds were assigned in the 1st 30 minutes of the program, although CT did get about $4 billion allocated to its small businesses. The SBA Economic Disaster Relief program also ran out of money in just a couple of weeks. Word on the street is that another couple of hundred billion dollars will be allocated to the PPP program, so there’s still hope. But kudos to the Shake Shack which accepted a $10 million dollar PPP loan and then returned it. It’s clear that the government’s idea of a “small business” doesn’t match what everyday Americans think of as small businesses.
Don’t forget – starting Monday in Connecticut, masks are required whenever you go out in public. Click here to be redirected to the full executive order on the state’s website.
It’s hard to believe we’re even in an election year – but we are. And Governor Lamont has postponed the primaries to August 11th. Pretty late in the year, but since there’s no surprise as to who will be representing either party, probably a good move.
Beckett Law LLC, and its subsidiary firms CT Bankruptcy and Estate Planning Law Center will continue to stay abreast of all news, announcements, and policies that have developed as a result of this pandemic. We value your business and the relationship we have built with you over the years. We urge you to heed the CDC’s guidance about hand-washing and physical distancing and we are confident that we will be able to meet face-to-face and shake hands again soon.