DAY 4: CURO Quarantine Series
Stay Positive. Stay Focused. Stay Strong (and home).
For the next three weeks, we will share the most important takeaways from the latest economic events to help our clients, friends and the rest of the community make imperative and well informed financial decisions. Everything from how to support your local businesses to how to navigate new tax laws - the CURO Team has the answers.
What do you want to learn about? Share your questions here.
Please feel free to share these updates with a friend or family member you're feeling especially thankful for.
Wellness & Well-being: With schools closed indefinitely and parents working from home, your creative arsenal of engaging ideas may be running low. FEAR NOT! Schoolclosures.org has you covered for ages 0-18 and beyond.Designed by parents, for families, you're sure to find enriching activities to keep the fragile minds of our future hard at work.
It's no secret that local animal shelters are overrun. Now is the perfect time to consider fostering or adopting your FURever companion. If you are unable to bring a new addition into your home, donations are a wonderful way to provide for our community of furry creatures who need just as much love and support as we do right now. Here is a list of rescues in the area:
Cats:
Rescue Purrfect - https://www.rescuepurrfect.org/
CATS Bridge To Rescue - http://www.catsbridge.org/
Four The Paws - https://www.fourthepaws.org/
Dogs:
DRBC - https://doxierescue.com/About_Us.html
Cats, Dogs, and Small animals:
EASEL Animal Rescue (cats too) - https://www.easelnj.org/
Women’s Animal Shelter - https://womensanimalcenter.org/
Bucks County SPCA - https://www.bcspca.org/
Hamilton Animal Shelter - http://www.hamiltonnj.com/AnimalShelter
IRA & Retirement Plans Changes in The CARES Act cont.
Withdrawals from Qualified Retirement Plans and IRAs, and Plan Loans
provides tax relief for retirement plan and IRA “coronavirus-related distributions” up to $100,000 taken by individuals on or after January 1, 2020and beforeDecember 31, 2020.
permits in-service distributions from group retirement plans such 401k.
provides an exception to the 10% early distribution penalty.
exempts the distribution from the mandatory 20% withholding applicable to eligible rollover distributions.
allows the individual to include income attributable to the distribution over a three-year period
allows the for the recontribution of the distribution to a plan or IRA within three years.
Plan loans made during the 180-day period beginning on the date of enactment and December 31, 2020 the maximum loan amount is increased from $50,000 or 50% of the vested account balance to$100,000 or 100% of the vested account balance.
The due date for any repayment on a loan is delayed for one year (normally five years).
To be eligible for the withdrawal and loan relief, an individual must fall within one of the following categories:
The individual is diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention.
The individual’s spouse or dependent is diagnosed with COVID-19; or
The individual experiences adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to COVID-19, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19, or other factors as determined by the Secretary of the Treasury.
Plan administrators may rely on an employee’s certification that the employee meets these requirements.
