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Making Sense of the Coronavirus Aid, Relief & Economic Security (CARES) Act

On March 27, the government passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – a $2 trillion aid package that seeks to provide financial relief to families and businesses affected by COVID-19.

An American Flag waving in front of the Capitol Building.


You’ve likely heard about the stimulus checks – over 80% of Americans can expect to receive a payment from the government (calculate how much you can expect here) – but what else does the CARES Act entail?

Here are some key ways in which those dollars are budgeted, as outlined by The Balance:

  • $290 billion in direct payments to eligible taxpayers
  • $260 billion in expanded unemployment insurance
  • $150 billion for state and local governments
  • $510 billion in expanded lending for businesses and local governments
  • $377 billion in new loans and grants for small businesses
  • $127 billion for hospitals for ventilators and other equipment

So, how might you – and your family, business, or employees – benefit? Here are some resources to help you make sense of what this act provides:

For Individuals & Families

In addition to sending eligible adults stimulus checks, the CARES Act expands unemployment insurance, allows more time for homeowners and those with student loans to make payments, waives some retirement account withdrawal penalties, and more.

For Small Businesses & Employees

All businesses (regardless of size) are eligible for a 50% refundable payroll tax credit. Employees who find themselves unemployed also have access to expanded unemployment insurance, additional weekly pay, and more.

To see other ways in which the government is responding to COVID-19, visit their Government Response page.

3Rivers is Here to Help

Whether you’re a 3Rivers member or not, we’re here to help! If you have an account with us and have been affected by COVID-19, or are curious about your options as they relate to the CARES Act, please don’t hesitate to reach out.

  • Homeowners: If you’re in the process of purchasing or building a home, or have an existing mortgage with us, and have questions about the state of your loan or your payments, please contact your loan officer. Contact information for our Mortgage Department can be found here.
  • Small Business Owners: If you’re a small business owner and have questions about options and resources for your company and/or employees, please contact our Retail Services Department. Contact information for our Retail Services Department can be found here.
  • Student Loans: If you’re curious about the state of your student loan and/or your options during a financial crisis, please contact a 3Rivers College Funding Advisor for assistance at college@trfcu.org or by calling 260.490.8328 ext. 8265.
  • Investments: For support regarding your investments, please contact a ClearFuture Financial advisor. Contact information for our ClearFuture Financial advisors can be found here.
  • General Inquiries: If you’re experiencing financial hardship and want to discuss your options, or need connected to the right resources, call our Financial Wellness Hotline at 800.825.3641, option 7.
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