House Passes and President Signs $2 Trillion Relief Package (CARES ACT)

Mar 30, 2020

LATEST UPDATE

House Passes and President Signs $2 Trillion Relief Package
3/27/2020
 

President Donald Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides $2 trillion of relief funds. The U.S. House passed the legislation early Friday afternoon. This is the third phase of federal relief for businesses, states, and individuals that passed the U.S. Senate late Wednesday evening.
 
Among the provisions in the bill are:
 

$130 Billion for hospitals
$150 Billion for state & local governments
$500 Billion that can be used to back loans and assistance to companies
$350 Billion to aid small businesses
$600 per week add-on to state unemployment benefits
$1,200 for each lower and middle-income adult and $500 per child
$24 Billion for agriculture stabilization
Ban on stock buybacks to any company receiving government loans through the term of the loan plus one additional year
Payroll tax deferral of a share of 2020 payroll tax
$30 Billion for education funding

 
The first phase of relief included $8.3 billion for boosting vaccine research and improving preparedness and prevention. The second bill temporarily requires paid sick and family medical leave, increases unemployment benefits, increases access to coronavirus testing, and provides funds for a variety of other financial support for programs expected to see increased demand due to the coronavirus.
 
 
We will be providing more information and training as it becomes available.
CARES ACT SUMMARY