The CARES Act and other coronavirus relief legislation
COVID-19 has impacted every aspect of your life, and you may find yourself facing tough financial questions.
To help provide much-needed financial relief to individuals, families and businesses, lawmakers have been busy passing legislation, like the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act, for example.
Coronavirus relief legislation and you
As the largest federal response in history, some of the components of the CARES Act and other recently passed legislation that may impact you include:
You may qualify to receive a check or direct deposit. Amounts typically begin at $1,200 and may go up and down depending on tax-filing status, household income, and number of children.
Potential temporary changes to retirement plans and accounts:
- Increased loan limits and delayed repayments for qualified individuals
- Required Minimum Distributions (RMDs) are not required during 2020 for 401(k)s, IRAs, and 403(b)s
- Premature distribution penalties and certain mandatory withholdings will be waived for distributions for qualified individuals
Free COVID-19 testing:
Comprehensive private health insurance plans are required to cover COVID-19 testing and related services.
Emergency paid leave:
Many employers must provide two full weeks of emergency paid leave for employees who are isolated or sick due to COVID-19. This also applies for people caring for someone under quarantine.
Expanded unemployment insurance:
States have the option of expanding their unemployment insurance programs with federal funds for those who qualify based on coronavirus impact.
How we can help
We understand this pandemic may have impacted your financial situation. In fact, a recent COUNTRY Financial® survey shows nearly 75% of Americans say their top financial goal since COVID-19 is having enough income to pay day-to-day expenses or saving for an emergency fund1.
That’s where we step in.
We’re here to help you look at your complete financial picture and discuss solutions to give you peace of mind and keep your future goals in check.
When your income and expenses change, so should your budget. An accurate budget can help you find short-term solutions for your long-term goals.
Whether you’re creating a budget or updating it, follow this formula.
Let's talk today
It seems like everything is changing right now, but we’re here to help keep your future goals on track – no matter what your today looks like.
Give us a call or find a rep today to schedule a time to talk.
1 The COUNTRY Financial Security Index® survey of 1030 U.S. adults, fielded by market researcher Ipsos.
COUNTRY Financial® and our representatives cannot give tax or legal advice. Any information we provide reflects our understanding of current tax laws. Tax laws are subject to change and reinterpretation. We recommend you consult legal and tax counsel of your choice before making any decisions regarding your personal or business planning needs.