Looking at the period from the first of June through this writing on July 9th, it is easy to see that the economy is sending mixed messages.
As part of the CARES Act, Congress expanded distribution rules and added favorable tax treatment for 401k’s and IRAs.
In the last days of May, there appeared to be a disconnect between economic reality and the stock market. The market moved higher amid alarming economic numbers.
The CARES Act contains programs to help small businesses survive this crisis and keep their workers employed. The Paycheck Protection Program provides up to $349 Billion from the US Treasury for loans to small businesses. Find out more.
Most people will not need to do anything to receive the “Economic Impact Payment to Taxpayers.” The IRS is sent out a one-time payment to individuals and families to help replace lost wages in the short term.