Coronavirus Financial Relief WHAT YOU NEED TO KNOW By: James C. Denton, CFP®, Managing PartnerApril 1, 2020 Virtually everyone has heard that, in response to the coronavirus, both the congress and the federal reserve are turning on the spigots, and large amounts of money are soon going to be falling from the sky on most of us. Here’s what I think you need to know. There is going to be “free money” for both businesses and individuals. Businesses will have to apply for their funds, and banks are already reaching out to their business customers laying the groundwork as the details continue to be developed. Individuals, however, WILL NOT HAVE TO DO ANYTHING to get their money. The vast majority of those eligible (the exceptions will truly be exceptions) will receive their money, in many cases by direct deposit into their checking accounts, in others by a check in the mail. It will probably take 4 to 8 weeks, maybe a little longer. It’s the government after all, so don’t hold me too closely to this timeline. But here’s the important thing … No legitimate agency will reach out to you by telephone, email, or direct approach to “assist you with applying for your funds”. Probably not to you as a business owner, and certainly not to you as an individual.You do not have to apply for your relief!There will be no paperwork involved initially.You will not need to, nor should you give personal information to anyone over the telephone.If all of your friends, family, neighbors have their money and you haven’t received yours yet, check with us and we will guide you appropriately, but DO NOT accept assistance or give information from anyone who you don’t know represents the Treasury department. This is a significant opportunity for data thieves, identity thieves, fraudsters, CROOKS to take advantage of the poorly informed among us. I trust this does not describe the vast majority of you, my clients, but it might very well describe your parents, your children, friends and acquaintances. So be alert. Be on your guard, both for yourself, and for others you care about. And if you see something that seems not to comport with what I am putting out here, be very suspicious indeed. The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by LPL Financial. The material is for informational purposes only. This information is not intended to be investment advice for any individual. You should consult with your personal investment advisor before making any decisions based on this material.