{"id":4779,"date":"2020-03-30T00:00:00","date_gmt":"2020-03-30T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/highlights-of-the-cares-act\/"},"modified":"2022-02-07T13:36:24","modified_gmt":"2022-02-07T17:36:24","slug":"highlights-of-the-cares-act","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2020\/03\/30\/highlights-of-the-cares-act\/","title":{"rendered":"Highlights of the CARES Act"},"content":{"rendered":"\n
CARES Act for Individuals<\/strong> While these measures may help you meet basic needs we would encourage you to use this a last resort. Any funds that are removed from your retirement account won\u2019t be participating in the eventual recovery in the market, and you will still owe tax on the distributions. Please let us know if we can help you decide if this would be the right option for you.<\/p>\n\n\n\n Federal Student Loan Payments Suspended<\/strong> We\u2019re continuing to monitor the changes brought about by these unique times. We are ready and available to help. Please reach out to us if we can be of service.<\/p>\n","protected":false},"excerpt":{"rendered":" CARES Act for Individuals – On Friday, congress passed, and the President signed into law, the Coronavirus Aid, Relief and Economic Security (CARES) Act. In addition to providing support to small businesses, the bill provides measures to help individual<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[119,100],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4779"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4779"}],"version-history":[{"count":1,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4779\/revisions"}],"predecessor-version":[{"id":5327,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4779\/revisions\/5327"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
On Friday, congress passed, and the President signed into law, the Coronavirus Aid, Relief and Economic Security (CARES) Act. In addition to providing support to small businesses, the bill provides measures to help individuals and families like you. Here are some of the highlights:<\/p>\n\n\n\n
No RMDs in 2020<\/strong>
That\u2019s right, Required Minimum Distributions (RMDs) are suspended for 2020. Typically there is a 50% penalty if one doesn\u2019t take their RMD, but this will not be the case in 2020. This provision means savers won\u2019t have to sell out of investments at low levels in order to take their RMD.<\/p>\n\n\n\n
Early Access to Retirement Savings<\/strong>
For those who might need to access funds in retirement accounts, the CARES Act is providing these special options:<\/p>\n\n\n\n
Stimulus Checks<\/strong>
Most individuals earning less than $75,000 will receive a one-time cash payment of $1,200 and married couples earning less than $150,000 will receive $2,400. In addition, families will get $500 per child. Those making more than these amounts will see a smaller check and the payments will disappear altogether for individuals making more than $99,000 and couples making more than $198,000.<\/p>\n\n\n\n
That\u2019s not a typo. For those who hold a federal student loan, you do not have to make any payments through September 30th. There will be no late fees and no interest will accrue during this time. This does not apply to private student loans.<\/p>\n\n\n\n