COVID-19

We continue to monitor the COVID-19 health crisis and are following government regulations and the CDC’s guidance to ensure the health and safety of our clients, staff, and communities. While this is a tragic situation, Advanta IRA is fully operational and committed to providing the level of service that you are accustomed to. From account management to educational resources, our focus is on serving you the best we can.

Office Operations – updated 7/21/2020

  • All transactions should be conducted through our online portal, via email, phone and/or mail.
  • Checks and invoices can be mailed to our office and/or dropped at our Largo office.
  • Checks can be picked up at our office or they will be sent via regular mail unless you request second day delivery (at an additional fee).
  • We are experiencing delays in both receiving and sending U.S. mail. Please talk with your account manager to determine the best way to send checks, invoices, and other materials.
  • In-office meetings are allowed but are by appointment only.
  • All guests entering our offices are required to wear masks.
  • If you have questions or concerns about your account, please contact your account manager.

Key Changes with the CARES Act

The CARES Act provides immediate financial relief to individuals, families and businesses. Below are a few highlights, but make sure you consult with your tax and/or financial professional to see how these changes impact you.

  • Clients will receive form 5498 on or before 8/31/2020.
  • You don’t have to take your 2020 RMD (Required Minimum Distribution).
  • Retirement plan early distribution penalty may be waived.
  • Qualified plan loan limits have increased.
  • 2019 tax filing and payment deadline is extended to July 15, 2020.
  • The deadline for making IRA and HSA (Health Savings Account) contributions is now July 15, 2020.
  • Read our CARES Act Blog for more information.

The CARES Act FAQs

QUESTION: If I have already taken a loan out in my 401(k), can I take an additional loan if I am impacted by COVID-19?
ANSWER: Yes you can. The CARES Act doubles the current retirement plan loan limit to the lesser of $100,000 or 100% of the participant’s vested account balance.

QUESTION: If all people who provide service to my company are independent contractors, do I hire them back under the Paycheck Protection Program (PPP) of the CARES Act?
ANSWER: The way the bill was written does not give enough clarity on this matter at this time.

QUESTION: What is the primary difference between PPP and (Economic Injury Disaster Loan (EIDL) loans with COVID-19 relief?
ANSWER: PPP loans can be up to $10 million and can become fully forgivable if the employer keeps all of their employees or hires back all laid off employees while using the funds for only qualified costs. The EIDL loans cap at $2 million and are not forgivable, but they offer a greater degree of flexibility in what you can use the funds for compared to what the PPP loans offer.

If you have more questions about the impact of COVID-19 or the CARES Act on your retirement account, call 800.425.0653 or Contact us.

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