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Self-Directed IRA Concepts
The unprecedented response to the threat of COVID-19 has changed and challenged our lives in so many ways. If you’re a business owner, you are dealing with the added worry of maintaining your business – not to mention minimizing the impact on employees if you have them.
Entrepreneur provides tips for helping your business survive including:
Here are more actions you can take to safeguard your business, according to the U.S. Chamber of Commerce.
In addition, here are five tips for protecting your business financially during this challenging time from business law firm Brouse McDowell.
Here are links to additional resources for loans and grants:
Along with the stimulus checks that are being sent to many Americans, the CARES Act allows for changes to retirement account rules for 2020. You or your employees may be eligible for hardship distributions, penalty waivers, or other relief as part of the changes.
It’s possible that people you know with retirement accounts could help provide your business with some financial help. Anyone who has money sitting in a retirement account could potentially help a small business, either with a loan or by investing in a business.
Through a self-directed IRA, it is possible to provide promissory notes or invest in private businesses. Many investors don’t realize there’s a wide variety of options when it comes to investing with a retirement account – in fact, the IRS lists only a handful of investments that aren’t permitted in an IRA.
The investor would need to open an account with a self-directed account custodian such as Equity Trust.
Visit our COVID-19 Resource Center for more helpful information about coping with this pandemic.
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