01 Apr CARES Act – Individual Relief and Assistance
There are several aspects of the CARES Act that are directed to individuals, and the assistance comes from a variety of places and methods. What this means to you is that if you have been materially impacted by COVID-19, you might: (i) be eligible for additional unemployment benefits or tax rebates, (ii) have access to distributions from certain defined contribution plans, such as 401(k) plans, 403(b) plans and profit sharing plans, without penalty, (iii) be eligible for 401(k) plan and 403(b) plan participant loan relief, or (iv) be entitled to student loan deferment or mortgage forbearance.
OUR BOTTOM LINE: Details of how to apply and take advantage of these features vary by each taxpayer. Please inquire with your employer or plan administrator and call us if you have any questions.