What is the CARES Act and how does it affect me?
Coronavirus Aid, Relief and Economic Security Act (CARES Act) was enacted on Friday, March 27, 2020. The CARES Act provides aid and assistance to individuals and business as the country deals with the coronavirus pandemic. This over $2 Trillion economic relief package is designed to help individuals, families, business, nonprofits and healthcare workers and providers. There are other changes that are outlined in the CARES Act, but we are focusing on retirement and annuity account related questions.
Below are high-level FAQs that provide an initial overview of some of the key changes outlined in the Act. For in-depth details regarding the CARES Act, click here. As always, you should consult with your personal tax advisor regarding your own situation.
During these challenging times, we want you to know that Catholic Financial Life is Always With You. If you are affected by COVID-19, have questions about the CARES Act or are having difficulty making payments related to your Catholic Financial Life policy, please contact us at 1‑800‑927‑2547.
Disclosure: Catholic Financial Life does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Catholic Financial Life cannot guarantee that the information herein is accurate, complete, or timely. Catholic Financial Life makes no warranties regarding such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.