Broker Check

COVID 19 Updates


The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven - Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly - Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time head count declines, or if salaries and wages decrease.


All Small Businesses Eligible - Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply - Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply -
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit or for more information.

Please let us know how we can be of assistance. 


Last week, Congress passed a $2 trillion stimulus bill intended to assist individuals, families and businesses in dealing with the economic fallout due to the coronavirus pandemic.  Included in the bill is a provision to send many Americans a one-time stimulus relief check.

  • You need a social security numberto qualify for a relief check, although you do not need taxable wages. Paper checks may take some time (perhaps 4-5 months) to distribute. If the IRS has your direct deposit information, the payment will be much quicker.

  • Individuals earning up to $75,000 will receive a check for $1,200. From there, the checks will be reduced by $5 for every $100 in income north of $75,000. They phase out completely if you earn $99,000 or more.

  • Couples earning up to $150,000 will receive $2,400. Checks phase out completely at $198,000 for couples. Heads of household will receive $1,200 if they earn up to $112,500, phasing out completely at $136,500.

  • Parents will receive $500 for each child under 17. That excludes anyone 18 and older, who can still be claimed as dependents on another person’s tax return. 18-24 year-olds are exempt from getting a stimulus check even if you’re still a dependent on your parents’ taxes.

  • Individuals earning above the income thresholds, non-US citizens without a green card along with individuals classified as dependents will not qualify for a stimulus check.

  • Many retirees receiving Social Security benefits will be eligible for a check, as long as their gross adjusted income meets the above-mentioned requirements.

  • If you recently lost your job due to the coronavirus pandemic, but your income was over the eligibility requirements in 2019, you will not be eligible for a stimulus check.  You would be eligible to file for unemployment.

  • If you’ve filed your 2019 return, the amount you receive will be based on your 2019 adjusted gross income (AGI). Otherwise, the federal government will use your 2018 return to see if you are eligible.

    AGI is different from taxable income. It includes income including earnings from your job, self-employment, dividends, etc., minus certain “above the line” deductions like alimony payments and contributions to certain retirement accounts, including a 401(k) and IRA. You can find your AGI on line 8b on your 2019 Form 1040 and line 7 on your 2018 Form 1040.

  • A bit of GOOD NEWS – the stimulus checks will not be taxed.

    Stimulus Payment Calculator

The Internal Revenue Service has extended the deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year to July 15, 2020. This is also the new deadline for filing and paying taxes for the 2019 tax year, pushed back from April 15, 2020.  You will automatically avoid interest and penalties on the taxes paid by July 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. 

Aside from making it easier for workers to access 401(k) savings, the Cares Act suspends required minimum distributions for this year from company plans like a 401(k) and 403(b) or individual retirement accounts. It’s welcome news for account holders who won’t have to take distributions or pay hefty taxes at a time when many portfolios are down sharply from near-record highs of Dec. 31, 2019, the date by which RMDs for 2020 are calculated.

The CARES Act waives the 10% early withdrawal penalty on retirement account distributions for taxpayers facing virus-related challenges. Withdrawn amounts are taxable over three years, but taxpayers can recontribute the withdrawn funds into their retirement accounts for three years without affecting retirement account caps. Eligible retirement accounts include individual retirement accounts (IRAs), 401Ks and other qualified trusts, certain deferred compensation plans, and qualified annuities. 

A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages: 1) a foreclosure moratorium  2) A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency. If you don’t have a federally backed mortgage, you still may have relief options through your mortgage servicer or from your state.

Creates a $300 partial above-the-line charitable contribution for filers taking the standard deduction and expands the limit on charitable contributions for itemizers.

The TrueWealth Advising Group team is available to answer any questions you might have regarding the CARES ACT Stimulus Package.  Our advisers are available to discuss the current COVID-19 pandemic’s effect on your financial picture. There has never been a better time to have a trusted financial professional on your team. We are here for you.


TrueWealth Advising Group Updated COVID-19 Safety Measures

These are challenging times personally, emotionally, professionally, and financially.  TrueWealth Advising Group is here to provide “Guidance Throughout Your Journey”. 

 Here are the measures we have in place:

  1. We are prepared to help you with your financial decisions, answer your questions, and provide service for you. 
  2. The TrueWealth office and team are available to help and have extensive business continuity strategies in place locally and with our vendors. 
  3. We have the ability and prefer to conduct web-based meetings or conference call.
  4. Our business processing system allows us to process most transactions electronically.
  5. We can accept paperwork and/or checks at our Crown Point office and are available to discuss your financial plan. 
  6. TrueWealth team members are at our Crown Point office during normal business hours and our secure mailbox has a slot to drop off documents and/ or checks.
  7. We implemented in house health and safety protocols including enhanced cleaning and disinfecting throughout each day and team members are working remotely.

We are committed to doing our part in slowing transmission of the virus and fulfilling our mission to provide guidance for our clients and team members.  We continue to conduct business using all the tools and technology available to us, while keeping everyone as safe as possible.  We are reviewing the situation often, will modify as deemed necessary, and will keep you updated on future developments. 

We appreciate your understanding during these times.



1. Business owners are encouraged to do their part to keep employees, customers and themselves healthy. The SBA provides low-interest disaster loans to assist businesses and homeowners in the recovery of declared disasters. Please visit the link below for further information.

2. Information for businesses regarding the COVID-19 pandemic is emerging rapidly. It’s vitally important for us to have access to the most accurate and up to date information. The link below includes interim guidance and other resources for preventing exposure to, and infection with, the novel coronavirus.

3. Updated information on Indiana’s response to COVID-19 can be found by visiting the link below.

4. The IRS has extended the tax filing deadline to July 15th which applies to both filing and payments. Penalties and interest will not apply if you pay any tax due before the extended deadline.

5. Up to date information on the federal response to COVID-19 can be found by clicking the link below:

Please feel free to call our office with any questions or concerns.  Stay safe and healthy.  We are here for you.