Broker Check

The CARES Act

| April 27, 2020
Share |

The CARES Act

As the World tries to make sense of these recent Covid-19 events, legislation has passed in an effort to assist.  The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was recently passed to help Americans deal with these unprecedented economic times.  This new legislation comes on the heals of the SECURE Act ( https://www.excelsiorwp.com/resource-center/retirement/the-secure-act )  passage in December of 2019.   We wanted to send highlights of the CARES act as to simplify and make sure our clients are not missing the key takeaways.  There are a fair amount of benefits for businesses as well as individuals, but this pieces focuses on the latter; 

I) 10% early withdrawal penalty for retirement funds is waived

II) 401(k) loans limits are now 100k, up from 50k previously

III) Required Minimum Distributions ( RMD's) are suspended 

IV) Coronavirus testing and vaccines will be covered at no additional cost to patients

V) Direct stimulus payments to Americans based on items such as income and children 

I am attaching a source for those that want more info https://home.treasury.gov/policy-issues/cares

Share |