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This week on the show, the team discusses the CARES Act. Pete and Damian bring in a special guest: “The Queen of the Desert” herself, Kristen!
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Can’t listen? Check the Show Notes!
- What Happened: The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by the Senate on March 25 and was signed into law on Friday, March 27, 2020, is the largest aid package in history.
We want to show you how to prepare yourself financially for uncertain and tough times like this.
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- Misconception: These will be taxable benefits. FALSE. Qualifying Americans will receive a stimulus payment, with no strings attached. It is anticipated to be looked at as a ‘pre-funded tax credit on your 2021 tax return.’ There is no repayment required.
- Loan Deferral:
- Mortgages, federally-backed student loans, and others essentially have a new forbearance option available. “Hitting pause on a mortgage and student loan debt is a massive help to most people around the country.” Call your lender to get specifics for your account(s).
- Student Loans: Know who owns your debt to know if any of this applies to you. Checking with who you pay your monthly payment to is a great place to start. See if you’re eligible for relief through the CARES Act.
THERE’S SO MORE IN THE SHOW! You’ve got to listen to this one to get the scoop!
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.