Coronavirus Aid, Relief, and Economic Security Act, (CARES)

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act permits qualifying participants to delay loan repayments that are due between March 27, 2020 (the date of CARES Act enactment) and December 31, 2020. The legislation also permits increasing the maximum loan amounts.

Employees who are participants in the 403(b) and 457(b) plans (have an account balance in one of these plans) and have been adversely impacted by COVID-19 due to the following reasons are eligible for the new provisions:

  • Financial consequences due to being quarantined.
  • Furloughed, laid off or having work hours reduced.
  • Inability to work due to a lack of childcare.
  • Company closure or reduced hours of a business owned or operated by the individual

For more information about this and other Coronavirus related information, visit https://www.usg.edu/hr/benefits/coronavirus.

FAQ’s https://www.usg.edu/assets/hr/benefits_docs/CARES_ACT_Frequently_Asked_Questions.pdf