As doctors and scientists worldwide race to develop effective treatments and a vaccine for COVID-19, U.S. lawmakers are working to counter the economic hardship from this crisis. In March, U.S. households and small businesses started receiving financial help through the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This podcast provides an overview of the CARES Act’s wide-ranging relief programs for individuals, families, small businesses, and those who are planning for or in retirement. Jeremiah Barlow, Head of Family Wealth Services at Mercer Advisors, clarifies who qualifies for help and how to access the benefits. Jeremiah also explains how this legislation could influence your retirement savings, tax planning, charitable giving, and estate planning strategies. He and host Doug Fabian conclude with a look at some additional sources of economic relief coming down from Capitol Hill.
On June 3, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 was signed into law to give borrowers additional time and flexibility to use the Paycheck Protection Program (PPP) loan proceeds. Please refer to this link for updates on the PPP program as of June 3, 2020.