Broker Check

Newsletter - 04/20/2020

| April 20, 2020
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Dear Customer,

 

I hope that you and your family are staying safe and healthy.  Below are some recent updates that you should be aware of.

 

MFS

 

  • In the event that you need to drop off or pick up any documents at our office, please note that our vestibule for these deliveries remains open.

 

  • If you need a document notarized, please contact myself at this e-mail, and I will make arrangements for the notarization in a manner that is safe for everyone.

 

Individuals

 

  • You may have received your stimulus monies last week.  In the event that you did not, you can check on the status at the website below.

 

https://www.irs.gov/coronavirus/get-my-payment

 

  • Quarterly estimated payments for both the 1st and 2nd quarters for Federal, State and Local payments have been extended to July 15, 2020.

 

  • If you have a variable rate loan or line of credit, expect to see a decrease in your monthly minimum payment, if you have not already done so, as a result of the decrease in the prime rate.

 

  • We are seeing a tightening up of lending policy by many of the lending institutions. For example, lower borrowing limits and more limitations on rental properties.

 

  • Most lenders are offering relief in the form of deferral of monthly loan payments (business loans, personal loans, student loans and also 401(k) loans).  Be aware that interest in most cases continues to accrue.  If you believe you will benefit from loan deferral, contact your lending institution to see if you qualify.  Below is a link to Huntington Bank’s COVID-19 Relief Program.

 

 https://www.huntington.com/coronavirus

  • If you have been laid off, furloughed, fired, seen a reduction in your pay or work hours, etc. from your employer, you may be eligible for unemployment benefits or partial unemployment benefits.  See the link below to gain some guidance on eligibility and the application process.  If you are not an Ohio employee, please visit your state’s unemployment website for guidance.

  

https://unemploymenthelp.ohio.gov/employee/

 

  • Lt. Governor Husted announced that by the end of this week, the Ohio Department of Job and Family Services (ODJFS) will be able to begin processing the additional $600-a-week payments authorized by the federal CARES Act.  The ODJFS also plans to launch an online tool that will allow self-employed, 1099 workers to get in line early, so that as soon as they have the technological ability to process their claims, they will already have their paperwork in and be in line for review. The department expects to be able to begin processing those claims by May 15, 2020.  See details on the expanded eligibility at the link below and also in the attached Addendum to this e-mail.

https://unemploymenthelp.ohio.gov/

 

Planning Opportunities

 

  • If you have not already done so, and you are able to, increase the contribution percentage to your 401(k)’s, IRA’s, H.S.A.’s, etc. now while the stock market is cheaper.  In other words, frontload your contributions while the market is on sale.

 

  • There have been many updates to retirement plans and their tax favored accessibility over the past few weeks.  Unless it’s your last possible option, we are advising against taking any form of distribution or loan from your retirement plan.  If you take a distribution or loan, you will not participate in the rebound of the market.

 

As always, if you have someone that you care about – your friends, family members and colleagues – who may also be facing challenging questions and a complex situation, it would be our pleasure to assist them.   Please have them call me at 440-449-7709 x 102, or email me at vince@mayfield1.com.

 

I will be in touch next week with additional updates.  Stay safe and healthy!

Vince

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