It goes without saying that we are not living in normal times. The health and safety of our families and communities are paramount, and measures to ease burdens and hardships are always appreciated. These include the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the massive fiscal stimulus signed into law on March 27, 2020.
The provisions in the CARES Act are designed to provide a financial lifeline to individuals, families, and businesses struggling to meet expenses in the wake of the COVID-19 pandemic. The CARES Act mandates were enacted with the best of intentions, but the law’s waiver of penalties for premature withdrawals from 401(k) savings accounts may hurt the very American workers and families the Act is supposed to help.
