WASHINGTON, D.C.—AALU/GAMA CEO Marc Cadin today applauded passage of the Coronavirus Aid Relief and Economic Security (CARES) Act, which was signed into law this afternoon. The CARES Act passed the House Friday, after the Senate approved the legislation unanimously earlier this week.
“The resilience of this nation is being tested,” said Marc Cadin, AALU/GAMA CEO. “We have a tough challenge before us, but with the CARES Act signed into law, Americans will receive critical relief to put the pieces back together. The COVID-19 pandemic has impacted the health of the global economy, how businesses operate, and the lives of our loved ones, and we all have to do our part to navigate this crisis together.”
The $2 trillion package provides loans and assistance for businesses of all sizes, direct payments to low- and middle- income individuals, and expanded benefits to the unemployed through July. In addition, people can access their employer-sponsored retirement funds without penalty up to $100,000, among other provisions.
Cadin continued, “We all have to do our part to ensure Americans have the necessary tools to restore their financial security, and we are here to help not only our members but every person in this profession and all the people they serve.”
In response to the pandemic, AALU/GAMA launched the COVID-19 Action Center for the financial security professionals to receive the resources they need to serve their business and clients. The portal features weekly webinars, podcasts, news updates, and exclusive content surrounding the global health crisis.