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From rebate checks to small business support, there is quite a bit packed into the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on Friday. The $2+ trillion emergency fiscal stimulus package is intended to mitigate some of the economic effects caused by the COVID-19 outbreak.

We have all been working to gain an understanding of the law so that we can act as a resource for our friends and family looking to take advantage of the applicable provisions. We have been reading numerous articles, participating in webcasts hosted by industry experts and large accounting firms, and talking with banks to understand the process for various provisions. New information is still coming out daily, but please do not hesitate to use us as a resource as we work through this pandemic.

Here is a look at some of the key provisions in the CARES Act that may be of interest to you:

1. A check – Based on income and family makeup, most Americans can expect to receive $1,200 individually ($2,400 for joint filers) and $500 per dependent. Amounts phase out for those who reported adjusted gross incomes over $75,000 for individuals and $150,000 for joint filers in 2018 or
2. A buffer – The CARES Act eliminates the 10% early withdrawal penalty for coronavirus-related distributions from retirement accounts. Withdrawn amounts can be repaid to the plan over the next three years. In addition, required minimum distributions (RMDs) are waived for 2020. Investors who have already taken an RMD for 2020 have options that may include returning the amount or rolling it over, as long as the distribution was not made from a beneficiary
3. Support for small businesses – In the form of more than $350 billion, including forgivable loans (up to $10 million) to help keep the business afloat, a paycheck protection plan and
4. Expanded unemployment benefits – Unlimited funding to provide workers laid off due to COVID-19 an additional $600 a week, in addition to state benefits for up to four months. This includes relief for self-employed individuals, furloughed employees and gig economy workers who have lost work during the
5. Fortified healthcare – $100 billion is allocated to hospitals and other health providers to help offset costs and provide relief. In addition, the legislation provides funding for numerous other areas including state and local COVID-19 response measures, an increase to the national stockpile for medicine, protective equipment, medical supplies and additional FEMA disaster relief
6. Enhanced education – $30 billion to bolster state education and school funding, as well as the deferral of federal student loan payments through the end of September.

What’s next? Treasury Secretary Steven Mnuchin has targeted early April to deliver the funds. Discussions are starting in D.C. around a possible next phase of economic relief, although it’s just talk for now.

We’ll continue to keep you updated with relevant and timely information. In the meantime, please don’t hesitate to reach out. These are difficult times in which we are living, but we are confident that we will get through them together.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Confluence Financial Partners is not a registered broker/dealer, and is independent of Raymond James Financial Services. Investment Advisory Services are offered through Raymond James Financial Services Advisors, Inc. Investing involves risk, and investors may incur a profit or a loss. Some expressions of opinion reflect the judgment of Raymond James and are subject to change. There is no assurance that any of the forecasts mentioned will occur. Economic and market conditions are subject to change.  Some of the material was prepared by Raymond James for use by its advisors.

We are happy to announce Confluence Financial Partners has been named as one of Pittsburgh’s Best Places to Work by The Pittsburgh Business Times.

Click Here to see article: Best Places to Work!

The 2019 Best Places to Work in Western Pennsylvania honors the region’s most outstanding workplaces. Winners are selected based on an online employee survey in June of this year and are honored at an event and in a special section of the paper. You must have at least 10 employees working in western Pennsylvania to participate. (Anyone with 5 percent or more ownership in the company may not participate in the survey and does not count toward the final employee total.) Companies do not have to be based in western Pennsylvania. Only employees working in the region are included in the survey and results.

Confluence Financial Partners is pleased to announce the hiring of Loren Paul Fiffik. He will serve as Wealth Manager working out of our Pittsburgh location. Loren is a Certified Financial Planner (TM) and comes to us from PNC Investments.

Click here to find out more information about Loren. https://www.confluencefp.com/team/loren-paul-fiffik-cfp/

We are pleased to announce the hiring of Nathan R. Garcia. He will serve as Wealth Manager working out of our Pittsburgh location. Nathan comes to us from PNC Investments with 18 years of experience in the financial services industry.

Click here to find out more information about Nathan. https://www.confluencefp.com/team/nathan-r-garcia/

Neil Rongaus, Wealth Manager for Confluence Financial Partners of Southpointe, grew up in Donora, PA where he attended Catholic School through fifth grade and continued his middle and high school education in the Ringgold School District. In 1997, he earned his degree in Finance from Duquesne University. Rongaus now resides in Carroll Township with his wife Marijo; son Marco (8); and daughter Remi (5).

Continue reading the article featured in this months Inside Washington County Magazine.  Inside Washington County

Confluence Financial Partners Wealth Manager, Mark Eckels, his family, friends and home office coworkers participated in the Tampa Bay Heart Walk alongside Raymond James Chairman and numerous other corporate sponsors to support this worthy cause.