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.

Representatives offer products and services using the following business names: Summit Group of Virginia LLP – insurance and financial services | Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC – securities and investments | Ameritas Advisory Services (AAS) – investment advisory services. AIC and AAS are not affiliated with Summit Group of Virginia LLP. Products and services are limited to residents of states where the representatives are registered. This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your representative. Read it carefully before you invest or send money. A representative will contact you to provide requested information. Representatives of AIC and AAS do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation.