The $2 trillion coronavirus bill, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has been signed into law. The main question most Americans are asking is do I qualify for a stimulus check? We will get into that detail of course. We will also dive into the bill’s additional changes that may impact your personal financial situation including updates to student loan repayments, retirement account distributions, and unemployment benefits.
Rather than asking you to read the 880 page bill, we thought it’d be best to summarize the changes below.
Stimulus Payment Details (Checks to Americans)
Updates to Student Loan Repayment
Updates to Retirement Plans
Updates to Unemployment Benefits
Updates to Charitable Contributions
Updates for Small Businesses
We hope we saved you some time and provided greater clarity around the recent stimulus package.
We truly believe that now, more than ever, is the time to start a financial plan or revisit the plan that’s collecting dust on your shelf. It’s time to put intention behind the money you’ve saved.
Please contact us if you and anyone you know has questions pertaining to the stimulus package.
Disclaimer: This article is for informational purposes only and is not a recommendation of Fyooz Financial Planning, Natalie Slagle CFP®, or Daniel Slagle CFP®. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. Therefore, it should not be assumed that future performance of any specific security, investment product or investment strategy referenced in the article, either directly or indirectly, will be profitable or equal to the corresponding indicated performance level(s). No portion of the article shall be construed as a solicitation to buy or sell any specific security or investment product or to engage in any particular investment or financial planning strategy. Any reference to a market index is included for illustrative purposes only, as it is not possible to directly invest in an index. Indices are unmanaged, hypothetical vehicles that serve as market indicators and do not account for the deduction of management fees or transaction costs generally associated with investable products, which otherwise have the effect of reducing the performance of an actual investment portfolio.