CARES Act changes worth noting

Be aware of key changes in government recovery programs

While the investment markets • Additional provisions for group have been confusing retirement plans and constantly shifting, so have the federal government’s economic recovery packages. The CARES Act includes a variety of programs aimed The SECURE Act passed at the end of 2019 provided changes for both businesses and individuals; these changes seem to have been lost in the chaos of the at lessening the impact of pandemic. the COVID-19 pandemic. • Individuals can wait until age

One such program, 72 to take Required Minimum the Paycheck Protection Distributions (up from age 70 ½) Plan (PPP), has detailed • Tax credits for employers provisions that have Will Johnson starting retirement plans for their led to a fair amount of Financial Advisor employees confusion. Below are some updates provided by Congress and the SBA as FBL Marketing Services • Ability for employers to pool together on retirement of early June. I encourage plans all business owners to talk All of these legislative changes, with their advising team about specifics. • Increased the PPP payback period • Extended the wage window • Reduced the requirement of loan money that must be spent on payroll • Extended the rehiring deadline for laid-off employees • Increased leeway on loan forgiveness for employers unable to rehire employees or reopen to business in a way that complies with safety standards

I have personally noticed that many individual investors are not aware of key provision of the CARES Act and how they might take advantage of temporary 2020 rule changes. In particular: • Provision that allows individuals normally required to take Required Minimum Distributions (RMDs) from their qualified accounts (such as 401(k) or Traditional IRAs) to skip their 2020 required amount if not yet taken • Access to retirement funds without the typical early withdrawal penalty for those under age 59½ who meet specific financial hardship qualifications due to the COVID-19 pandemic coupled with investment market volatility, underscore the importance of working with an investment team who understands your goals and ensures you have a financial plan that is adaptable to ever-changing conditions.

Lastly, if you are in a position of relative financial strength during these turbulent times, I urge you to please consider supporting local organizations committed to the vitality and economic stability of our community, particularly those that support the growth and development of our youth. Organizations like the Boys and Girls Club, YMCA, Missoula Area Chamber of Commerce, Missoula Downtown Association, the Midtown Association, and so many more are committed to keeping our community strong. Let’s do what we

are able to support the health of our community and the small businesses that make us unique and vibrant.

Will Johnson is a Financial Advisor in Missoula working with individuals, families and small businesses. For the past 12 years, he has operated his firm with commitment and dedication towards building a strong community through financial contributions as well as playing an active role on many community leadership boards.

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