Below are the guidelines under the CARES Act for “qualified individuals” relating to Coronavirus-related Distributions.
“Qualified individuals” include any of the following:
- An individual who has been diagnosed by a test approved by the CDC with COVID‐19, or
- An individual whose spouse or dependent has been diagnosed by a test approved by the CDC with COVID‐19, or
- An individual who has experienced adverse financial consequences as a result of being quarantined, furloughed, laid off, or having their hours reduced as a result of COVID‐19, or
- An individual who is unable to work due to lack of child care resulting from COVID‐19, or
- An individual who owns or operates a business that is closed (or has experienced a reduction in hours) as a result of COVID‐19, or
- Other factors as determined by the Secretary of Treasury.
We’re Here to Help
To learn more about the CARES Act’s impact to retirement plans, IRAs, and how other provisions can help you or your business, contact one of our experts at (320) 214-2909.
