Dear Valued Client,
I hope everyone is doing well and staying safe.
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is now law. This historic and sweeping legislation was created to help keep workers paid and employed, allows businesses to remain operational and makes necessary health care system enhancements to stabilize the economy.
We want to make sure you are aware of certain provisions that might be of assistance to your retirement accounts, as well as, your business. Here is what stands out to us as the most impactful parts of this legislation:
- Small Business Assistance – Paycheck protection program, loan assistance, loan forgiveness, employee retention credit and tax benefits
- Retirement Assistance – Retirement plan withdrawals for COVID-19 affected individuals prior to age 59 1/2 without penalty, access to plan loans, waiver of RMDs for 2020 and allowance for plan amendments
- Individual Assistance – 2020 tax recovery rebates for incomes up to $75,000 for singles and $150,000 for married couples
In the coming weeks, we’ll provide insights to help you navigate any new opportunities or strategies that arise from this law. We’ll be listening to leaders and experts in Washington about the key provisions and how we can implement them into your financial plan during these challenging times.
We know this is a lot to take in, but we’re in this together. Thank you for your continued trust and partnership.