Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
With the election of Joe Biden to the Presidency, you're probably here seeking to understand how much your taxes are going to go up.
The answer: most people will see no tax increases.
The tax plan that Joe Biden has rolled out is targeted at individuals making more than $400,000 a year, less than 1% of the population of the US. If you (like me) are not one of these lucky individuals, then it's very-likely that nothing in this article is going to apply to you.
But, for argument's sake, let's hop in the Model S, drive over to the penthouse, and analyze what Biden's tax code plans mean for you.
As labor market demands continue changing, redesigned job skills are working their way to the top of employers' desired skill sets for employees.
With nearly 14 million Americans currently looking for work, giving your resume an update has never sounded better! We have cultivated a list of the most coveted and in-demand job skills you should focus on developing as you prepare for a changing COVID influenced world.
Employers look for employees who possess both hard and soft skills. Hard skills are those that involve technical knowledge, while soft skills deal with personality traits.
A second round of emergency funding for small businesses opened on Monday.
While this news came as a relief for many small business owners, it appears that error messages and slow processing have prevented many from accessing the fund. A spokesperson for the SBA said, "The pacing mechanism prevents any one lender from submitting thousands of loans an hour into the E-TRAN system. If a lender goes above the pacing limit they will get timed out."
But CNN reports that a banking industry source said that things are actually much worse than the SBA made it seem. "The SBA system simply cannot handle the volume of applications banks have processed from America's small businesses," this person said, adding: "Unless SBA set the pace at one an hour (or less), this is nothing but misdirection. Banks are working to deliver assistance and SBA is passing the blame."
In fairness, the SBA typically hands out about $25 billion in loans every calendar year. Thanks to the global health crisis, they're now suddenly trying to get $310 billion in PPP loans out the door as quickly as possible, so delays are to be expected.
But, even more worryingly, there is a major possibility many small businesses won't see any money this time around either. The last pot of money given out to small businesses was, obviously, insufficient in addressing the needs of many American business owners impacted by the crisis. So how far will the money go this time? Multiple industry experts contacted by CNN "anticipate that this money could be gone within the week. Last time, it took 13 days, but banks have a much longer queue of customers this round."
In summary, millions of eligible businesses are not going to get PPP funding, even if they applied in a timely manner. If you've already submitted an application, all you can do now is hope and wait.
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