The wellness of our clients and their families is our top priority. As our community adjusts to the new normal caused by the coronavirus pandemic, our nation’s leaders strive to provide support. On March 27th the House of Representatives and President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES). The CARES Act provides emergency assistance for businesses, individuals and families affected by COVID-19.
Here are some key points of the CARES Act that may affect you, our clients, and your families and businesses:
- Payments (described as “rebates”) will be made to help with financial hardships many are experiencing. The payments will be made via direct deposit. Individuals will receive $1200 and an additional $500 per child. Eligible families need to have filed 2018 and 2019 tax returns in order to receive the aid.
- Additional Unemployment payments (up to $600 per week) may be given to those who have lost their jobs.
- The Act creates a new type of Small Business loans. These loans are potentially forgivable up to 100% of the principal amount borrowed. They also do not require collateral or guarantees.
- Payments of principal and interest on certain federal student loans are suspended.
- Required Minimum Distributions (RMD) are temporarily waived on certain contribution plans and IRAs.
The Lifescape team is here to help you and your family. During this season (and every season) we are here to provide answers. We are happy to listen to your situation, advise and provide legal services pertaining to estate planning and business succession planning. Additionally, we are well acquainted with the community’s services providers and are happy to connect you with what you need in this season of uncertainty.
Reach out via phone at 816-291-4143 or firstname.lastname@example.org