Legislation

For many American families with children, the Treasury Department started depositing money into their bank account starting in July. What is this new money? Well, the American Rescue Plan (passed earlier this year) expanded the child tax credit from $2000 per child* to either $3,600 (for kids under 6) or $3000 (for kids over age…

Let’s be honest – most of us don’t really understand inflation. The dictionary defines inflation as: 1“a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services.” In a nutshell, inflation is when prices go up. But why is that…

The American Rescue Plan Act of 2021 was recently signed into law. Most pundits have focused on the $1400 per person stimulus checks. There is also a BIG increase to the child tax credit. Here’s what you need to know: The child tax credit has been increased to: $3,600 for each child under age 6…

In case you missed it, Congress passed a 2nd stimulus/aid package at the end of 2020 that authorized the following: Additional $600 stimulus payment to each person making under $75,000 (if filing single) or $150,000 (if filing jointly). The payments phase out for incomes above these limits. Additional paycheck protection program (PPP) funds. Certain businesses…

One of the more popular programs of the recent CARES Act was the Paycheck Protection Program (PPP). Under the PPP, impacted businesses can apply for loans to cover payroll, rent, utilities, etc. If the proceeds are used to retain and pay employees, the loan can be forgiven. Up to 2.5 months (10 weeks) of payroll…

20 Second Advisor: New Money from Uncle Sam (aka: child tax credit) and why it may give families a surprise tax bill next year!

20 Second Advisor: The Costs of Inflation

20 Second Advisor: Big checks for having kids!

20 Second Advisor: Stimulus checks, PPP, and what’s coming?!

20 Second Advisor: Get in line! More funds for small business during COVID-19.