Coronavirus Stimulus Package: What You Need to Know

Changes to IRA withdrawal rules, direct cash payments, and more. [SmartAsset]( A special update on COVID-19 economic relief. As the impact of the coronavirus ripples across civic life and the economy, the White House, the Federal Reserve and other government bodies are regularly announcing extensions, suspensions and new programs to help families and businesses weather the financial crisis. From changes to IRA withdrawal rules to allowing up to 3-months of interest-free deferal of federal student loan payments, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is expansive. [Here's what's in it](. The CARES Act is still in reconciliation, but includes direct cash payments - a one-time check of up to $1,200 per individual plus more for each additional members of your nuclear family. The amounts are subject to “phase-outs” based on income levels. [Learn if you qualify](. TIPS FROM SMARTASSET Managing Your Money During the Coronavirus Crisis - [Protecting Your Credit in an Economic Shock]( - [How to Create a Permanent Portfolio]( - [Moving Your Emergency Fund to a High-Interest Savings Account]( The Families First Coronavirus Response Act (FFCRA) mandates that employers provide paid sick or family leave benefits to employees affected by COVID-19. The Act covers employees who cannot work because of quarantine as well as the need to care for a child (under 18 years of age) whose school or child care provider is closed for reasons related to coronavirus. Here are the [three key provisions](. The federal government extended the federal income tax filing deadline from the typical April 15 due date to July 15, 2020. [Here's a rundown of what is -- and what isn't -- extended.]( The most recent version of the CARES Act bill increases the number of weeks to 39 (typically 26 in most states) for people who qualify for regular unemployment compensation. Additionally, the bill also provisions 13 weeks of unemployment insurance to those who’ve either used up their benefits or don’t meet the eligibility requirements. [Learn more.]( If you’re financially affected by the coronavirus crisis, you may be able to stop your mortgage or rent payments for up to 12 months without penalty. You may also qualify for foreclosure and eviction protection during this time. The relief comes in the form of [federal, state and private sector programs](. The Small Business Administration (SBA) has been authorized to provide up to $50 Billion in loans to qualifying entities. If you're a small business owner, learn more about [how to apply and about state resources here.]( WHAT'S AHEAD Responding in an Emergency To keep you informed, SmartAsset will continually [update this list of official actions]( that may relate to your finances. Our [financial advisor matching tool]( connects you with up to 3 vetted, fiduciary financial advisors for free. You can speak to someone within 24 hours, and in most cases, the same day. [Try online]( or call [1-888-265-9471](tel:+1-888-265-9471) anytime between 10:00AM to 6:00PM ET Monday through Friday. [RETIREMENT]( | [TAXES]( | [HOME BUYING]( | [MORE]( [SmartAsset]( Empowering people to make smart financial decisions. You are receiving this email because you subscribe to the SmartReads newsletter. 632 Broadway New York, NY 10012 [View in browser]( | [Unsubscribe](