On Monday, July 27 the Senate released their $1 Trillion stimulus package, the Health Economic Assistance Liability Protection, and Schools Act (HEALS Act). This came months after the House of Representatives released their $3 Trillion stimulus package on May 15th, the Health Economic Recovery Omnibus Emergency Solutions Act, (HEROES Act). These two packages are vastly…
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act payment of Required Minimum Distributions (RMDs) from qualified retirement plans and IRAs are waived for 2020. The law was passed in March 2020 when many individuals had already taken out their RMDs. If you’ve already taken out a required minimum distribution (RMD) this year (2020)…
The Cares Act includes new distribution options offered in retirement plans to individuals impacted by the virus. Eligible individuals may take advantage of these temporary distribution options (1) coronavirus-related distributions and (2) coronavirus-related plan loans. Coronavirus-Related Distributions Qualifying individuals may take up to a $100,000 distribution from their qualified retirement accounts from January 01, 2020, to December…
How the CARES Act expanded Unemployment Insurance Benefits The CARES Act includes programs to expand unemployment benefits for regular beneficiaries and to those who would not normally receive these benefits, such as sole proprietors and self-employed individuals. Unemployment benefits are a lifeline for many who have lost work in the wake of the current health…