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.
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.
- An Overview of the CARES Act—And What it Means for You
- CARES Act FAQs for Families
- Stimulus Check Calculator—How Much You Can Expect to Receive
- IRS Coronavirus Tax Relief Page—For Taxpayers & Businesses
- COVID-19 Mortgage Relief Options
- Repayment of Federal Student Loans
- How the CARES Act Changes Health, Retirement & Student Loan Benefits
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.
- Small Business Guidance & Loan Resources
- Paycheck Protection Program
- Unemployment Insurance FAQs
- Unemployment Insurance Benefits in Your State
- Indiana Small Business Development Center COVID-19 Resources
- How the Treasury Department is Taking Action
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.
- 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 Youth & College Advisor for assistance at college@trfcu.org or by calling 260.399.8265.
- 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 260.490.8328.