Coronavirus Aid, Relief, and Economic Security (C.A.R.E.S.) Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress in March, contains the largest stimulus in U.S. history with $2 trillion allocated among individuals and families, small businesses, large corporations, state and local governments and other recipients. Relief granted in its provisions includes:
- Cash deposits for each individual making under $99,000/year ($199,000 for married couples), phased out beginning at $75,000/year ($150,000 for married couples).
- $250 billion in extended unemployment benefits, including increased payments, longer terms and benefits for the self-employed and gig workers.
- Early withdrawal penalty waiver for retirement plans, as well as increased loan limits. Required Minimum Distributions are also waived.
- Paycheck Protection Program and Emergency Government Disaster Loans for small businesses.
- The Employee Retention Credit and employer payroll tax deferral.
To learn how this Act may impact your personal business or individual situation, reach out to your M&S advisor today.