Apr 8, 2020
As the COVID-19 pandemic continues to disrupt the economy, the CARES act was signed into law with a massive economic stimulus package for businesses and individuals that are affected by the coronavirus crisis. In the previous episode, we reviewed some of the provisions of the CARES act. Today, we continue that discussion focusing on what has materialized in the last week and some more provisions of the CARES act that we missed last week.
[02:10] The Paycheck Protection Program – A brief explanation of the paycheck protection program.
[05:50] Launching the Paycheck Protection Program – Grant explains how the program will be rolled out and the reasons behind some of the recent changes made to the program.
[10:37] Practical Limitations – Grant shares his take on the drawbacks of the way the paycheck protection program is structured.
[18:33] Workarounds – Two strategies to work around the problems in the paycheck protection program.
[25:10] Another Wave of Stimulus – Grant shares his take on the possibility of another round of funding.
[26:09] Unemployment Insurance – Grant reviews how the CARES act expands unemployment insurance.
[31:21] Mandatory Distribution Holiday – The CARES act also changes the rules for mandatory distributions for qualified retirement plans. Grant explains how this provision works.
[39:43] Stimulus Cheques - The CARES act also provides provisions to cut checks to taxpaying individuals. Grant explains in detail how this works, how much money you’ll get in different scenarios, and the timeline of the program.
[43:31] Student Loans – The CARES act includes a generous offer for student loans. Grant talks about the features of this provision and who qualifies.
Resources:
Unemployment Claims Chart – The New York Times: nyti.ms/2RoeFXr
Economic Injury Disaster Loan: bit.ly/2UQx29x
The CARES act: bit.ly/39x1A47