CARES Act Frequently Asked Questions for Individuals

On March 27, 2020, in response to the COVID-19 global pandemic, Congress passed the Coronavirus, Aid, Relief, and Economic Security (CARES) Act. This is historic and sweeping legislation created to help keep workers paid and employed, allow businesses to remain operational, make necessary health care system enhancements and help stabilize the economy.

During this stressful and uncertain time, we are here to help you understand the immediate financial relief and other financial resources available to all Americans through the CARES Act. The following information addresses many common questions that individuals are asking with regard to the federal government’s recovery rebate payments, enhanced unemployment compensation benefits available to individuals whose employment has been adversely affected by the COVID-19 virus, student loan payment suspensions, and temporary new distribution rules associated with IRAs and worksite retirement plans, such as a 401(k).

Should you have any immediate worries or concerns, please don’t hesitate to reach out to us. We are here to support you in any way we can.

This information is not intended as authoritative guidance or tax or legal advice.

Securities offered through LPL Financial, member FINRA & SIPC. Investment advice offered through Global Retirement Partners, LLC (GRP) a registered investment advisor. GRP, Washington Financial Group and Hub International are separate and unaffiliated with LPL Financial.