I’ve read these words in a lot of different places: These are unprecedented times. I can’t argue. And we are all living them and looking forward to the time when we will be able to look back and reflect on how we came together to win this fight. Overcoming the novel coronavirus pandemic requires that we all do our part. As individuals, it could be as simple as following social distancing guidance, not panicking and being a good neighbor and friend. For our economy, that means monetary and fiscal moves to keep things on the rails until we get to a better place.
The recently passed $2 trillion plus, Coronavirus Aid, Relief, and Economic Security (CARES) Act is the biggest fiscal move yet – and delivers a wide range of relief. The law is laid out in approximately 250 pages of text. Here, I’ll use about two pages to highlight some of the major provisions for individuals and small businesses.
That’s a very brief summary of some of the many provisions of the new law. For more information on the host of small business-targeted programs, visit the SBA website and www.treasury.gov/cares. Given the magnitude of the situation, it’s safe to say that more relief will follow. Stay well.
*UPDATE 4/16: Learn more about your CARES Act Economic Relief Payment here.
About the Blogger: JJ Montanaro is a Certified Financial Planner® professional and part of the Military Affairs team at USAA. He’s a graduate of the U.S. Military Academy and has over 20 years of financial planning experience.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED
FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.
The information contained is provided for informational purposes only and is not intended to substitute for obtaining professional financial advice. Please thoroughly research and seek professional advice before acting on any information you may have found in this article. This article in no way attempts to provide financial advice that relates to all personal circumstances.
Photo from shutterstock.com
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