The CARES Act: Key issues for individuals and businesses

Becky Milliman
April 01, 2020

We provide a summary of key issues in the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

 

On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This $2 trillion aid package is designed to provide financial relief and stability to individuals and businesses impacted by the COVID-19 pandemic.

The Act includes relief for individuals in a number of ways including: changes to the treatment of retirement plan accounts, including the waiver of required minimum distributions; increased charitable giving deductions; expanded unemployment benefits; deferral of student loan payments and direct cash payments to certain taxpayers.

The Act also includes provisions for businesses, such as the paycheck protection program, employee retention credits, delay of employer payroll taxes, temporary increases in the business interest deduction and expanded treatment of net operating losses.

Read more for a summary of key issues

 

 

Becky Milliman is a senior wealth strategies professional and fiduciary representative for CIBC Private Wealth Management in Chicago, with 19 years of industry experience. In this role, she is responsible for the development of integrated wealth management plans for clients and provides the fiduciary administration for individual trusts and foundations. She also sits on the firm's Trust Discretionary Committee.

Beth Mayfield is a senior wealth strategist for CIBC Private Wealth Management in Atlanta, with more than 20 years of industry experience. In this role, she works closely with clients and their advisors to develop and implement charitable, estate and wealth transfer planning as part of CIBC Private Wealth Management’s integrated wealth management process.