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Coronavirus Aid, Relief, and Economic Security (CARES) Act: What You Need to Know

UPDATE: December 29, 2020

A $900 billion relief package has been passed by Congress and signed by President Trump to assist Americans and businesses through the economic impacts of COVID-19 as 2020 ends.

Read this guide that highlights the main components of the stimulus key components and the CARES Act.

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 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.

For Individuals:

Read this FAQ that 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
  • temporary new distribution rules associated with IRAs
  • worksite retirement plans, such as a 401(k)


The Act contains a few key provisions designed to assist retirement plan participants and IRA account holders who are struggling financially during these unprecedented times. Read this FAQ that answers questions regarding these key provisions.

For Small Business:

LPL Financial is here to help you with understanding all the new resources and financial assistance available for small businesses, as well as certain non-profits and other employers information about the major programs and initiatives available from the Small Business Administration (SBA). Read this FAQ that addresses needs your organization may have, as well as some additional tax provisions that may be of interest.

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

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