As you are probably aware, on Saturday President Trump issued an executive order, with an effective date of September 1, to defer the withholding, deposit, and payment of the 6.2 percent Social Security tax (employee portion). The deferral applies to compensation paid between September 1 and December 31, 2020 to any employee whose pretax wages or compensation during any biweekly pay period generally is less than $4,000. The tax payments are deferred without any penalties, interest, additional amount, or addition to the tax. Unless there is a law changing the situation, the deferred taxes will be due at the beginning of 2021.

The US Deptarment of Treasury has not released implementation instructions on this yet, but everyone needs to be cautious employing this without fully understanding the ramifications.

Although you've no doubt been very busy implementing all the new safety procedures, re-figuring your financial projections, cutting expenses, and taking good care of your employees, it's a good idea at this time to also take stock of your personal expenses.

If you didn't refinance your home mortgage when the rates reached historic lows, you may want to take a look at what you might gain now by refinancing.

Today's average 30-year fixed-refinance rate is 3.67%. At this rate, you’ll pay $458.59 per month in principal and interest for every $100,000 you borrow.