May 2020 | Decker, Farrell & McCoy, LLP

More Coronavirus Relief, Plus Beefed-Up Security for Technology, the Elderly, and Children Born to U.S. Citizens Serving Overseas

Coronavirus Aid, Relief and Economic Security Act (HR 748) – This legislation provided $2 trillion of stimulus relief in response to the coronavirus crisis. Provisions of the bill include:$1,200 for each American making up to $75,000 a yearAdditional $600 a week in unemployment benefits for up to four months$100 billion available for hospitals and health providers; increase Medicare reimbursements for treating COVID-19$750 million for food banks and food assistance to American Indian reservations, Puerto Rico and other territories$500 billion in loans or investments to businesses, states, and municipalities$32 billion in [...]

Service2Client2020-05-01T12:00:07-08:00May 1st, 2020|

Heightened Hacking as Corona Pandemic Worsens; How to Avoid Being a Victim

Since the escalation of COVID-19 cases, malicious activity from cybercriminals is also on the rise.Hackers are taking advantage of the coronavirus fear to carry out attacks. This is done by creating websites that claim to have cures for the virus or by spreading emails that contain links to malware.Consider this research by Check Point, where they found an increase in coronavirus domain name registration. Most of these scam websites allege to be selling vaccines against the virus.At the beginning of this year, one of the reported cases was the Emotet [...]

Service2Client2020-05-01T12:00:06-08:00May 1st, 2020|

Six Industries Hiring During the Shutdown

During the government shutdown as a result of COVID-19, sadly, millions have lost their jobs. However, there is a silver lining: there are some industries that, because of the shutdown, are actually hiring. Here are a few leads to help those who might have been affected.Shipping and DeliveryThis industry is hiring at what seems like warp speed. It’s reported that Amazon has created 100,000 jobs, specifically for fulfillment and delivery. UPS is hiring, as are courier services. Search “courier services hiring near me” to find opportunities. You might be surprised [...]

Service2Client2020-05-01T12:00:05-08:00May 1st, 2020|

Prospects for Investing in the 2020s

The third decade of the 21st century started out with a vigorous economy, record low unemployment levels, and benign inflation. But late in the first quarter over the span of two weeks, investors faced the fastest stock market correction in history.With an unpredictable assailant like a global virus, short-term actions by Congress and the Federal Reserve will need time to see if they are effective. Ultimately, the fate of the U.S. and global economies, which in turn will impact the investment markets, is dependent on how long the COVID-19 outbreak [...]

Service2Client2020-05-01T12:00:04-08:00May 1st, 2020|

How Will U.S. Employment Figures, Coronavirus Impact Job Markets?

With the CARES Act (Coronavirus Aid, Relief and Economic Security) signed into law by President Trump on March 27, this set into motion major initiatives by the U.S. government in response to the coronavirus’ economic impact. This Act provides $2 trillion in financial aid to the nation, in big part to soften the impact of the coronavirus’ hit to the country’s unemployment numbers.For the week ending April 11, seasonally adjusted jobless claims came in at 5,245,000, a drop of 1,370,000 from the April 9 revised level of 6,615,000, according to [...]

Service2Client2020-05-01T12:00:03-08:00May 1st, 2020|

Understanding the High-Low Method

When it comes to cost accounting, the high-low method is an approach that's used to break mixed costs into either a variable or fixed cost. Although it's straightforward, it's important to do multiple analyses because outlier costs from the available data can sometimes misconstrue operating costs. This calculation occurs by looking at the periods with the most and least activity, as well as the total costs for both the high and low periods.In order to get results for the high-low method, the variable cost and the fixed cost must be [...]

Service2Client2020-05-01T12:00:02-08:00May 1st, 2020|

Be Right About Free Money: Potential Legal Risks of the Paycheck Protection Loan Program

One of the most important provisions of the CARES Act for small businesses is called the Paycheck Protection Program (PPP). The PPP is a $349 billion program designed to assist small businesses (fewer than 500 employees) facing financial difficulties as a result of the COVID-19 pandemic through specifically structured loans.The loan program offers funding to cover payroll for up to eight weeks, with the intent of stemming from unemployment. These loans can be forgiven and essentially become a grant if your business meets certain criteria with no need to repay [...]

Service2Client2020-05-01T12:00:01-08:00May 1st, 2020|