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Understanding the Details and Benefits of the CARES Act

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By Paul F Ciccarelli CFP®, CHFC®, CLU®

On Friday, March 27th, 2020, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. The approximately $2.2 trillion economic stimulus package was introduced in response to the recent COVID-19 epidemic and is an attempt on a federal level to address the issues and economic fallout of the pandemic. This is the largest emergency aid package in US history and includes a series of provisions aimed at assisting individuals, families, businesses, and economic sectors affected by the virus (nearly everyone). Highlights of the act include immediate tax rebates of up to $1,200 per taxpayer; forgivable, subsidized loans to small businesses; direct loans to the hardest-hit industries; the relaxation of income tax rules and deadlines; ongoing financial aid to students, schools, and colleges; and direct stabilization of money market mutual funds.

The Small Business Administration (SBA) and the Department of Treasury have begun releasing details that will guide the programs created through the CARES Act, but with such vast legislation, much of the provisions may be overlooked and therefore underutilized by those who might benefit the most. In an effort to provide you with as much advantageous information as possible, we have assembled some resources that may help guide you and your family as you navigate your future financial decisions.

The basic provisions of the bill provide assistance to individuals and families. These resources detail highlights of the legislation:

Forbes highlights the CARES Act

10 Things You Should Know About the CARES Act

Analyzing the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses. These resources provide details pertaining to these loans and answers questions you may have:

Small Business Association Loan Funding Options

The US Chamber of Commerce Coronavirus Emergency Loans Small Business Guide and Checklist

Live Oak Bank Loan COVID-19 Small Business Loan Options

Paycheck Protection Program FAQs for Small Businesses

Our team will continue to update the above-listed resources as more information is released. If you have questions about how the Stimulus CARE ACT may affect you directly please call your CAS advisor for further information.

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

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