As I’ve written about on the blog and covered on the podcast recently, the CARES Act is a big piece of legislation. (Remember….the total package is $2.2 trillion!). We’ve covered several sections of the bill and how it might impact you on the blog recently, including a deep dive into the paycheck protection program.
There are also many provisions in the bill we haven’t covered. Specifically, sections relating to stimulus checks, expanded unemployment insurance, mandatory distribution holidays, penalty free retirement account withdrawals, and student loan relief. Coincidentally, all have been commanding a large number of questions from clients of Three Oaks recently.
Like all legislation there is a great deal of gray area in this piece of legislation, especially given the urgency with which it was passed. The IRS, SBA, Department of Labor, and other government entities are scrambling to provide relevant guidance as soon as possible. So while there may appear to be some planning opportunities with regard to the law, it’s entirely possible they’re just a temporary mirage. Nevertheless, here’s what we know now about the CARES Act and how it might impact you as a taxpayer.