CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package

Apr 2, 2020

Ask episode

Chapters

Transcript

Episode notes

This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy.

Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions.

Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press.

OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan?

If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions.

There are benefits for already retired people such as no RMDs this year if you haven’t already taken them.

We discuss the student loan interest rate freeze and how to take advantage of their no payment option.

We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits.

If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves.

In This Episode We Cover:

How to qualify stimulus check
How much money people get on stimulus check
Key thing to keep in mind with stimulus check
Can people refuse the check
Stimulus check for dependents
Are green card holders and H1B VISA holders who work and pay taxes eligible for these benefits
IRA versus 401k distribution
Things to consider before converting funds from a traditional plan to a Roth plan
Are there any provisions for already retired people
How can an employer use the IRC Section 139, Disaster Relief Payments
How does provision work on student loans
Families First Coronavirus Response Act
Employee Retention Credits
Payroll tax payment deferral
And SO much more!

Links from the Show

Learn more about your ad choices. Visit megaphone.fm/adchoices