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