The President signed the Coronavirus Aid, Relief, and Economic Recovery Security (CARES) Act into law on March 27th. The new law authorizes $2 trillion in emergency stimulus funding in response to the COVID-19 pandemic. The law includes many provisions, but here is a list of the items that are most likely to impact you.
Recovery rebates for families under specified income limits
Penalty-free early withdrawals from qualified retirement accounts
Suspension of 2019 required minimum distributions
Expansion of charitable tax deductions
Deferment of student loan payments
Loosened unemployment eligibility
Contact our team to learn more about how you may benefit from the CARES Act.