As everyone continues to get information on the CARES Act, we want to provide you with some of latest updates we have seen. Yesterday, April 8, 2020, the Treasury Department issued an updated Paycheck Protection Program F.A.Q.
The Paycheck Protection Program formally launched on Friday, April 3rd. The program is in very high demand and has challenges around its implementation. Senate Small Business Committee Chairman Marco Rubio said that as of Wednesday, April 8th there had been 220,000 loan applications, with $66 billion committed of the $349 billion authorized under the program.
Here are a few key links related to the Paycheck Protection Program.
Borrower Application Form for PPP Loan New as of 4/3/2020
Lender Application Form for PPP Loan New as of 4/3/2020
SBA Interim Final Rule for Paycheck Protection Program New as of 4/3/2020
SBA Interim Final Rule on Affiliation New as of 4/3/2020
U.S. TREASURY: Guideline on Affiliation Rule New as of 4/3/2020
*The information presented here is not specific to any individual’s personal circumstances. FMP Wealth Advisers is not providing investment, tax, legal, or retirement advice or recommendationsin this article.
**To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
***These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Certified Financial Planner® (CFP®)
The program is administered by the Certified Financial Planner Board of Standards Inc. Those with the CFP® designation have demonstrate competency in all areas of finance related to financial planning. Candidates complete studies on over 100 topics, including stocks, bonds, taxes, insurance, retirement planning and estate planning. In addition to passing the CFP certification exam, candidate must also complete qualifying work experience and agree to adhere to the CFP Board’s code of ethics and professional responsibility and financial planning standards.
Chartered Financial Analyst (CFA®)
This designation is offered by the CFA Institute (formerly the Association for Investment Management and Research [AIMR]). To obtain the CFA charter, candidates must successfully complete three difficult exams and gain at least three (3) years of qualifying work experience, among other requirements. In passing these exams, candidates demonstrate their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management and security analysis.
Chartered Retirement Planning Counselor (CRPC®)
This designation is offered by the College for Financial Planning. Individuals may earn the CRPC designation by completing a study program and passing a final multiple-choice examination. The study program to become a CPC includes the entire retirement planning process, meeting multiple financial objectives, sources of retirement income, personal saving, employer-sponsored retirement plans, income taxes, retirement cash flow, asset management, estate planning and more. Every two years, CRPC professionals must complete 16 hours of continuing education and pay a small fee to continue using the designation.