CARES Act - 5 Key Items Everyone Should Know

In response to the COVID-19 global pandemic, the US Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion emergency fiscal stimulus package, in order to help ease the damaging effects it has had on the economy. The President signed it into law March 27th, 2020.

Here are the five items of the bill I see most important to the everyday person and my clients:

1) Recovery rebates directly to individuals

2) Coronoavirus related distributions from IRA's and retirement plans

3) Required Minimum Distributions waived for 2020

4) Student loans deferred 

5) Bumped up Unemployment Compensation 

To download a summary PDF of this information visit: https://turowskihitchcock.com/resources

Source: Coronavirus Aid, Relief, and Economic Security Act

https://www.congress.gov/116/bills/s3548/BILLS-116s3548is.pdf

 

Ryan Hitchcock

Financial Planner

 

Direct: 414-253-4611

rhitchcock@highpointcaptialgroup.com

Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is not guarantee of future results.  Securities and investment advisory services offered through SagePoint Financial, Inc. (SPF), member FINRA/SIPC. SPF is separately owned and other entities and/or marketing names, products or services referenced here are independent of SPF. 

1200 N. Mayfair Rd., Suite 300, Milwaukee, WI 53226. Phone: 414-253-4600.