CARES Act

    CARES Act offers federal financial aid to businesses and individuals affected by the COVID-19 pandemic. This was signed into law in March 2020 and was a stimulus bill worth $2 trillion designed to stabilize the economy.

    President Trump signed legislation on March 27, 2020, that allocated billions of dollars for hospitals and small businesses. The act’s supporters argued that the economy was already in a recession or would soon be.

    Benefits of CARES Act:

    1. Tax benefits: Under the CARES Act, individuals may deduct up to $300 in cash donations they make to qualified organizations.
    2. Borrow money against your retirement plan: A provision in the plan provides special tax-advantaged loans and other disbursements from tax-deferred retirement funds.
    3. Health benefits: The stimulus plan provided direct funding for the need for healthcare in an emergency.
    4. Coverage remotely: Under this act, people can get the testing at home. It is mandatory in everyone’s health plan.

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