1. During this period of unprecedented volatility and uncertainty, what should I be doing with my portfolio?
We believe that especially during uncertain times, it is important to seek the advice and guidance of professionals. As your advisor proactively reaches out to you during this period, ask them if your portfolio is built with your risk tolerance, time horizon, and goals in mind. Ensure that the long-term strategy you have in place is still appropriate, then hold the course.
2. As a small business owner, where can I turn if my business has suffered economic loss due to COVID-19?
The Federal Government and Small Business Administration (SBA) have worked closely to make funding available to support the backbone of our economy. In addition to processing loan applications in support of the Paycheck Protection Program, Bank of America is offering support to small business clients through payment deferrals and refunds on late fees through its Client Assistance Program. Ask your financial advisor or CPA for resources relating to the CARES Act. Some additional helpful resources can be found directly on the SBA’s website: sba.gov
3. If my family or I have been personally impacted by COVID-19 and are financially stressed, what provisions have been made for us?
The CARES Act made several provisions for individuals who have experienced health or economic difficulty due to COVID-19. Eligible taxpayers are receiving up to $1,200 ($2,400 for married filing jointly), plus $500 for each qualifying child. Tax-favored withdrawals and loans from personal and corporate retirement plans are also available. Be sure to consult with you financial advisor and CPA. Also ask your bank about what additional assistance they might offer. Bank of America’s Client Assistance Program offers additional support to consumer and small business clients who are impacted by coronavirus.
