What Is The CARES Act & How Can It Help You During The Pandemic?
by Financial Design Studio, Inc. / March 31, 2020
What Is The CARES Act & How Can It Help You During The Pandemic?
H.R. 748 (CARES Act) Bill Provisions
Over the past few days, we have read through the H.R. 748 (CARES Act) bill and there are some specific items we think you could benefit from, if your short term finances could use the help. Even longer-term there are some items that will affect you.
>> DOWNLOAD THE FULL CARES ACT PDF HERE <<
We are attaching our full pdf of each item below where you can read even more details about it along with our full summary report (15 pages) with all the key items individuals can benefit from.
The U.S. Government just passed the biggest bill providing stimulus to the country for the purpose of providing emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.
We are breaking down these details by section in the following pages. You can click to the particular section you’re interested in directly below if you’d like to read the specifics of those first. We do encourage you to look through all of the sections that could potentially impact you since this is a very generous bill aimed at keeping our country’s economy strong during and after this pandemic.
Like any benefit that becomes available to you it is critical to see if it makes sense to use the provisions allowed. While a benefit might make your temporary financial situation better, it might not be beneficial in the long term. However, those who these provisions were created for are likely in immediate need to use the benefits until employment returns to normal.
Individuals:
Coronavirus-Related Retirement Distributions
Enhanced loans from employer retirement plans
Required Minimum Distributions waived for 2020
Qualified Charitable Contributions – NEW Above the line deduction
AGI Limit for Cash Charitable Contributions Limit Temporary Repealed
Miscellaneous Healthcare Benefits
Business Owners:
Paycheck Protection Program & Forgivable Loans
We are here to help you if you have any questions about the items above or anything else we can do to help. If you want to talk further about any of the items above please visit this link to go ahead and schedule a web meeting: https://go.oncehub.com/financialdesignstudio
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Financial Design Studio, Inc.
We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.