Crisis Relief: Financial Lifelines for Affected Workers

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article showing how temporary crisis relief legislation makes it easier to access retirement account funds and extends paid leave for workers at some small businesses:

In the spring of 2020, unprecedented steps taken to help slow the spread of COVID-19 caused millions of Americans —

including heavily impacted small-business owners and workers — to suffer a sudden and severe loss of income.

Congress quickly passed relief packages designed to ease some of the financial pain. The Families First Coronavirus Response Act (FFCRA) extends paid leave to affected workers at some small businesses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes temporary provisions that make it easier to access money held in tax-deferred retirement accounts.

Keep in mind that tapping retirement savings should generally be a last resort, as it may result in a financial shortfall later in life.

Paid Leave

The FFCRA requires “eligible employers” with fewer than 500 employees to provide two weeks of paid sick leave to workers affected by COVID-19 (at 100% of usual pay, or two-thirds of usual pay if caring for sick family members or children).

Workers with children whose schools or daycare centers are unavailable may receive an additional 10 weeks of family and medical leave (at two-thirds of usual pay). Employers (and self-employed workers) will be …

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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