Understanding the CARES Act

The Principle:

Have you heard about the CARES Act? How does it impact individuals and small businesses? Let’s go through the important provisions and what they mean for you. 

Honest Takes:

Coronavirus has moved us all into a new norm for the time being. Because of that, there is a lot of new things to learn and a lot that keeps changing. The CARES Act is attempting to help a lot of small businesses and individuals who are struggling financially due to coronavirus.

Unfortunately, there is so much misinformation right now about this huge bill. Do you know where to go to get information? What are some of the specifics of the bill as it relates to small business owners? So many businesses right now cannot operate as normal, so does that mean they should lay off all of their employees? Or are there strategic ways to use the grants and loans?

If you don’t have a business, what do you need to know about the CARES Act? There’s a lot of new details that you’ll want to understand. There’s a tax credit coming for individuals and couples, plus a certain amount for kids under 17. IRA distributions can be taken for coronavirus related needs, and RMDs are not being required. Charitable donations will have further deduction possibilities. Working with a professional can help you make sure to take advantage of the financial opportunities be given.

[0:17] – This is a scary world we’re embarking on–how can you best prepare financially?

[1:45] – How will small business owners be impacted by the CARES Act?

[3:50] – The CARES Act will help businesses with payroll in a loan.

[5:23] – Where should small businesses begin?

[8:36] – How does the CARES Act impact individuals?

[10:17] – Individuals can take distributions now for coronavirus related needs.

[11:49] – There’s a greater deduction for charitable donations.