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We hope this note finds you and those around you safe and healthy during this unprecedented time. We hope the following information may be useful in learning more about some of the recent federal legislation, state regulations and certain of their provisions that may be helpful to you in your financial planning.
LPL Financial has prepared a summary of the key components of the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law by President Trump on March 27th, 2020.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently signed into law to assist businesses and steer the economy in the right direction. The CARES Act, the largest stimulus package in history, was specifically designed with your small business in mind, providing you with payroll protection and other support for rent, mortgages, and various business costs. We know that navigating your way through government paperwork and policies can make a frustrating situation even worse. That’s why we’ve created our CARES Act: Small Business Guide.
The CARES Act contains a few key provisions designed to assist retirement plan participants and IRA account holders who are struggling financially during these unprecedented times. Here are some frequently asked questions regarding these key provisions.
A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under your life insurance policy or annuity contract if you can demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”) pandemic. These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website at https://www.dfs.ny.gov/consumers/coronavirus for updates.