• Christine Centeno, CFPⓇ

How to take advantage of the CARES Act

On March 27th the Cornonvirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The CARES Act is filled with different types of economic stimulus programs that are designed to bring immediate relief to Americans during the COVID-19 Pandemic.

The CARES Act is 880 pages, so during the month of April, my YouTube Channel featured short videos on some of the most popular items in the CARES Act along with my take on how they can benefit you directly. Below you will find a short summary of what we discussed as well as links to each week’s video.

Direct Payments

Immediate relief for over 80 million Americans came in the form of direct payments that began in mid- April. Individuals qualify for up to $1,200 and those who file Married Filing Jointly qualify for up to $2,400. The video walks through how you’ll receive your payment, who qualifies, and how to make sure the IRS has your up to date information.

Student Loans

Federal Student Loan borrowers will benefit from these two provisions in the CARES Act:

  • No interest on Federal Student Loans from 3/13/20- 9/30/2020

  • The suspension of payments until 9/30/2020

In the video, I also discuss what you should do if you are currently enrolled in Public Student Loan Forgiveness (PSLF) and how employers can now pay down your student loan debt up to $5,250 in 2020.


The CARES Act expanded unemployment benefits to groups of people that have never been eligible for benefits. These include self-employed, contractors, and gig workers.

The video discusses some of the most important expanded benefits which include the extension of the normal benefit period by 13 weeks and an increase in benefits received by up to $600/week.

Small Business Loans

The CARES Act included $350 billion dollars in funding for Small Business Loans. The funding quickly ran out in mid-April and by late April an additional $310 billion in funding was approved. My video on Small Business Loans reviews the differences between the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).

Interested in learning more? Read more about my firm, and check out my service options.

Christine Centeno, CFPⓇ, MS is the founder of Simplicity Wealth Management. She has over 12 years of industry experience as a financial advisor and is a member of several professional organizations including NAPFA, FPA, and the XY Planning Network. She holds her Masters in Financial Planning and is an adjunct professor. In 2019, after years of working for large firms, she founded her own firm. Simplicity Wealth Management provides clarity to the complicated nature of financial planning and investing by delivering comprehensive advice without hidden fees and unnecessary jargon that leaves you in the dark. The goal is to deliver transparent, easy-to-understand guidance to help clients achieve their financial goals and remain informed every step of the way.


The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Simplicity Wealth Management LLC (referred to as "SWM") disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement, and suitability for a particular purpose. SWM does not warrant that the information will be free from error. None of the information provided on this website is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information is at your sole risk. Under no circumstances shall SWM be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if SWM or an SWM authorized representative has been advised of the possibility of such damages. In no event shall Simplicity Wealth Management have any liability to you for damages, losses, and causes of action for accessing this site. Information on this website should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.