CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (“CARES”) ACT
- Tax rebates.
The Treasury Department will issue rebates up to $1,200 per individual or $2,400 per married couple filing jointly, plus $500 per qualifying child (a dependent child age 16 or under).
- Enhanced unemployment benefits.
- People are eligible for unemployment benefits in a broader range of circumstances, including self-employed, independent contractors, and those furloughed or unable to work as a result of the coronavirus.
- Duration of benefits is extended to as long as 39 weeks (with specifics depending on state laws).
- Benefit amounts are increased by $600 per week through July 31, 2020.
- Access to retirement assets.
Families adversely affected by the coronavirus will be able to access money in IRAs and workplace retirement plans as an early withdrawal without penalty in 2020.
- RMD relief.
IRAs and workplace retirement plans will not be subject to required minimum distributions (RMDs) in 2020. This includes first-time RMDs for people who turned 70½ in 2019 but did not take their first RMD by December 31, 2019. It applies to everyone, not just people adversely affected by the coronavirus.
- Student loan relief.
Federal student loan payments are suspended through September 30, 2020, without any interest accruing.
- Delayed tax filing deadlines.
The due date to file and pay (without interest or penalties) 2019 federal income taxes has been extended from April 15 to July 15, 2020.