Loans Archives - Wiss & Company, LLP

Tag: Loans

SBA Increases Max EIDL Loan to $2 Million

Written on September 14, 2021. Posted in General Business.

By Travis Miskowitz, Director, CFO Advisory The U.S. Small Business Administration announced major changes to its signature Economic Injury Disaster Loan (EIDL) program on September 8, 2021. This includes an increase to the maximum loan amount from $500,000 to $2 million and additional permitted uses of the loan proceeds including business debt payments among other enhancements. The program updates are a welcome change as the administration continues to focus on supporting...

Main Street Lending Program Expanded to More Businesses

Written on June 10, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz Update 6/10/20 On Monday, June 8th, the Federal Reserve Board again revised the Main Street Lending Program, providing increased access to more small and medium-sized businesses. The $600 billion loan program has yet to fund a single loan, and criticism of the Fed’s latest stimulus effort in recent weeks has put pressure on the Fed to relax certain requirements, providing more flexibility to eligible borrowers. The Fed has received a growing chorus of complaints...

SBA Curtails Acceptance of EIDL Applications

Written on April 16, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz The SBA just announced they are unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Due to incredibly high demand, the SBA had recently amended some key benefits of the EIDL Loan program. With millions...

Fulfilling the Dream of Home Ownership

Written on January 17, 2017. Posted in Financial Planning.

By Adriana Cabrera The prospect of buying a home can be daunting, especially for first-time homebuyers who may be saddled with student loans, car payments and credit card debt. But with planning – and some discipline – potential homeowners can make their dream of home ownership a reality. Here are some tips to help you through the process. Create a budget Begin by gaining an understanding of your income and expenses. On an Excel spreadsheet or a free budgeting app, enter your monthly...

When 401(k) Loans are Considered to be in Default

Written on November 8, 2016. Posted in Employee Benefit Plan Audits.

By Laura Zindel Taking out a 401(k) loan can seem like a relatively simple way to borrow money. It is a very common practice, but many employees who borrow from their plans aren’t prepared for the financial consequences of doing so if a loan ends up in default. The most common reason for defaulting on a 401(k) loan is the loss of a job. If the employee loses his or her job, the plan document rule requires that any outstanding loan balance must be repaid within a certain timeframe,...

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