The CARES Act Overview Part 4: Student Loans

The CARES Act Overview Part 4: Student Loans

This past Friday Congress passed the CARES Act which includes a number of individual, family and small business provisions. We are evaluating the legislation, so we can provide timely advice to our clients. The CARES Act includes over $350B of benefits to small business and self-employed individuals, as well as one-time recovery rebate payments to taxpayers, expanded unemployment, and more. The magnitude of the relief package requires careful study and quick action – there is no guarantee of how long the money will last. 

Student Loan Relief

Principal and interest payments on all federal student loans waived through September 30th (and interest doesn’t accrue.

Employers can contribute up to $5,250 annually toward an employee’s student loan and it is not included in the employee’s income (2020 only – for now, otherwise why specify “annually”?).

Need help? Reach out to the Mainstreet Financial Planning team today with any CARES Act related questions you might have! 

During this segment, we’ll be discussing how the CARES Act impacts Small Business owners and the self-employed.

 

Watch Here!

Anna Sergunina
Anna Sergunina
anna@mainstreetplanning.com

I'm Anna Sergunina, CFP®, President & CEO at MainStreet Financial Planning, Inc. My passion lies in serving others through financial planning, helping clients achieve their dreams like buying a home, saving for education, or retiring early. With over two decades in the industry and a CFP designation since 2009, I'm dedicated to excellence and continuous growth. Beyond work, I cherish moments with my son Liam, prioritize self-care, and engage in content creation for my Money Boss Parent Podcast and Money Library blog.

Get Started with Anna

Stay updated on future articles, shows, and podcasts