The CARES Act was signed into law Friday, March 27, 2020, in response to the COVID-19 pandemic. The legislation is historic in the size of stimulus it provides to backstop the economy and the speed in which it passed with bipartisan support. The legislation impacts almost every American. Below is a list of the key provisions and related resources for your review.

Provisions For All Individuals

Recovery Rebates – Personal Checks provided from 2020 tax credits.

  • $1,200 for individual and $2,400 for married couples (Additional $500 per
    child under 17)
  • Income phaseouts will be applied based on your last filed tax return (2018
    or 2019, depending on if your 2019 taxes have been filed).
  • For more specifics:

Retirement Account Provisions – Ability to use IRA assets (without penalty) for
those impacted.

Unemployment Compensation – Pandemic Unemployment Insurance


Student Loan Benefits – Deferment for Federal Student Loans




Small Business Provisions 

Our bullet points are not an exhaustive explanation but a quick guide to help determine which aid
might be relevant to each person. As always, the VAM team is available to walk you through any questions you may have.