Last month, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. It was designed to provide liquidity to those impacted by the current economic decline as a result of the coronavirus. If you have been impacted, rules have been relaxed for your benefit. Here’s a breakdown of some of the provisions related to retirement accounts.

The above provisions apply to all retirement account owners whether impacted by the virus or not. However, for those who had the coronavirus, depend on someone with it or in some other way experienced adverse economic consequences due to it, the following are specific provisions for you.

The hope is you are only being inconvenienced by the virus. However, for those experiencing hardship due to it, the above and other CARES Act provisions should bring a level of stability to your situation. You are encouraged to consult your financial or tax professional before taking advantage of any of the above provisions as many involve complexity.