First and foremost, we hope you, your family and loved ones all stay safe and healthy during this troubled time.
As we all push through the stressful and ever-changing scenario forced upon us due to this COVID-19 crisis, we want you to know that we are here for you. This crisis has created a great deal of uncertainty in our day-to-day lives as well as in what the future will bring after the crisis has passed. Please think of our team at Baldwin & Clarke as a resource and a sounding board to help you work your way through this difficult time.
The United States Government, in an effort to help preserve and maintain the economic well-being of our country, has made many programs and benefits available for individuals as well as businesses through the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Below you will find links to U.S. Government web sites that summarize each of the Acts and the benefits that they provide. We invite you to contact us with any questions that you have on any of the programs. We can help you evaluate and think through the applicability, advantages and disadvantages of participating in any of the specific provisions and programs available through the Acts.
Given the number of government and other resources available for both individuals and businesses to utilize, it is very important to carefully evaluate and analyze the short-term and long-term (post-crisis) impact on your finances. Now is a critical time to plan, to make sure that you not only navigate through the crisis, but when it clears, you are well-prepared and positioned for the future. Remember, this is not a sprint but a marathon. Most importantly, planning can
increase confidence in your future outcome, thus helping to reduce the inevitable stress created by the current crisis.
With the historical levels of change and accompanying government stimulus occurring over the past several weeks, we wanted to highlight some common considerations, questions and concerns that might be timely and topical to your planning:
- CARES Act programs (EIDL and PPP) – How can they help me? What program makes the most sense? How to ensure I can participate
Liquidity & Cash Flow:
- Use of qualified retirement assets for business and personal – Does it make sense, and if so, how much? Is it best to repay funds taken out of the plan, or pay the tax due?
- Mortgage and debt refinance opportunities – Does it make sense to refinance now and how to evaluate refinance options?
- Cash flow strategies for reduced income.
- Are there any changes that I should make to my current investment strategy and investment allocation?
- Opportunities out of volatility – Is now the time to take advantage of the market decline from a long-term strategic allocation or income tax perspective?
- Retaining and incentivizing employees during the crisis.
- Business and personal implications of employee benefit changes.
- Working with banks and creditors – What to expect and key considerations. Understanding your bank’s role with the CARES Act and the Small Business Administration.
- Evaluating life and disability insurance needs – Do I need to keep what I have? Do I need more? How have my coverage needs changed?
We more than appreciate how stressful economic disruption and uncertainty can be both personally and professionally. From our experience, taking time to revisit and refine your financial plan helps restore much needed confidence and belief that your path forward is on solid footing. We at Baldwin & Clarke are committed to serving as a resource and trusted advisor as you think through and plan your finances. In the face of rapid change, we are here to help address any questions and concerns that you have as we collectively manage this challenging time.
To start a conversation, please reach out to our advisory team.
Principal & Co-Founder
Managing Director – Investment Advisory
Managing Director – Financial & Estate Planning
One Bedford Farms Drive
Bedford, NH 03110