Small businesses are struggling economically in light of the COVID-19 pandemic. Many businesses have closed as a result of shelter-in-place orders, and even in states less severely affected by the virus, many non-essential businesses have closed.  Further, companies that have remained open are dealing with the fallout stemming from the public’s fear of the spread of the disease. Due to the volatility of the stock market, home builders and others in the construction industry may experience a slowdown in customers seeking to build new homes or renovate as a result of their shrinking investment accounts. Likewise, many other industries are suffering from curtailed discretionary spending and decreased consumer confidence. Employees have also been affected, with businesses forced into schedule reductions, pay cuts and layoffs due to virus-related slowdowns, as well as mandatory or voluntary closures. 

Symposium is a one-of-a-kind gathering of the finest minds in estate planning and business law. Featuring top-notch and practical education from leading experts in trusts and estates, unparalleled (and unforgettable) networking opportunities, and modern techniques for growing your practice, Symposium has one goal in mind: helping you achieve the practice you want.

The SECURE Act, which stands for “Setting Every Community Up for Retirement Enhancement” Act, was signed into law at the end of 2019. The Act takes small but impactful steps towards addressing the country’s retirement crisis by incentivizing small business owners to sponsor retirement plans for their employees. It has also provided an excellent window of opportunity for practitioners to reach out to their small business clients in light of the new legislation. Below are four significant upgrades made by the Act that you should consider sharing with your business owner clients.