For those who are struggling financially as a result of the COVID-19 global pandemic, the CARES Act attempts to provide relief in a myriad of ways. This post is about the new provisions for retirement account distributions.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for health insurance expenses due to the COVID-19 pandemic. Sec. 3201-3203 specifically addresses access to health care for COVID-19 patients.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for small businesses who are having trouble covering payroll and operating expenses because of the COVID-19 pandemic. The new law has created incredible benefits for small businesses owners, but these benefits come along with confusion and lack of clarity. Time is of the essence for small businesses to maximize the benefits available.

The 335-page CARES Act includes several provisions aimed at providing relief to student loan borrowers. Section 3513 suspends required payments on Federal student loans through September 30, 2020. During this time, no interest will accrue on this debt.

The provisions regarding the stimulus checks have garnered the most attention from the media. You have likely read that the CARES Act provides a refundable income tax credit against 2020 income of up to $2,400 for married couples filing a joint return, while all other filers begin with a refundable credit of up to $1,200. The credit amount then increases by up to $500 for each child a taxpayer has under the age of 17.

One of our partners, Julie Fletcher McDaniel, was recently interviewed by The Small Business Storytellers with Seth Silvers. Listen in as she shares about impact investing, how IMPACTfolio got started, and how our firm is leading the way in our industry!