The Financial Answer

Financial planning guidance from West Tennessee’s Nathan O’ Bryant.

Coronavirus Aid - What You Need to Know About the CARES Act

Posted on April 3rd, 2020

With stay at home orders continuing for the foreseeable future, the government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief for individuals and businesses. Today we’ll look at the specific items that impact retirement, financial planning, and small businesses.

 

Read more and get additional resources here: https://wp.me/paIiUZ-f4 

 

Today's rundown: 

1:30 - We’re talking about the CARES Act today and what it means.

3:13 - Let’s start with the retirement portion. No RMDs for 2020.

5:47 - If you need to pull money out of 401k or IRA, there’s no penalty for early withdrawal.

7:43 - Now is an important time to be in touch with an advisor to reassess your plan and see what you can be doing. 

11:03 - Stimulus payments

14:24 - For small businesses, there’s a payment protection program.

15:52 - Who can apply for this relief?

17:05 - Here’s what we do know about this aid for small businesses.

18:26 - Details on what payroll costs consist of.

20:27 - Details on the forgiveness policy on these loans.

22:50 - The stimulus check is a one-time payment right now

24:18 - How long until things get back to normal?

25:34 - What are the conversations like with clients right now?