In recent weeks, COVID-19 has emerged as a global pandemic as defined by the World Health Organization. With “social distancing” measures in place, many businesses have closed, and a record number of Americans have lost their jobs. The longer businesses are closed, and people remain unemployed, the more of a toll it takes on our economy. To help fill this void, the Federal Reserve has taken drastic steps in monetary policy to keep the financial system stable. On March 27th, Congress passed the largest economic stimulus package in our country’s history, the “Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020.”
The CARES Act is an estimated $2 Trillion stimulus package, including nearly $500 billion in individual rebate checks to Americans, another $500 billion in support for several severely damaged industries, nearly $400 billion in tax credits for wages and payroll tax relief, over $300 billion of support for state and local governments, and almost $180 billion for various initiatives to support hospitals and the health care system.
Krilogy’s Wealth Intelligence Group has highlighted details specific to the various programs offered under the CARES Act to keep you informed of how this may impact you:
