The CARES Act is intended to bring relief to those impacted by the coronavirus pandemic. It also has significant implications for your participants’ retirement planning. While the Act is aimed at helping participants in the short-term, be sure to understand the long-term impacts to their overall financial picture.
Temporary provisions in the CARES Act
- Student loan modifications
- Relief from evictions due to nonpayment of rent
- Enhanced unemployment benefits
- Emergency paid sick leave (originated in the Families First Coronavirus Response Act)
- Expanded FMLA leave (originated in the Families First Coronavirus Response Act)