The CARES Act: Summary of Key Provisions for Individuals
On March 27th, Congress passed and the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, marking the largest economic stimulus package the U.S. has seen to date.
In addition to the $2 trillion allocated toward immediate healthcare needs and emergency lending to businesses, states, and municipalities, various provisions were passed to alleviate the financial strain on individuals. The below chart represents a few of the most notable provisions.
*The special provisions related to hardship distributions and loans are optional and will require a retroactive amendment to the plan document. Plan sponsors may need to take action in order to offer these additional options to employees and should discuss further with their plan provider.
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- CARES Act,
- retirement plan,
- student loans,