President Donald J. Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020. The 854-page bill seeks to provide approximately $2 trillion in relief and assistance to individuals, businesses, state governments, health providers and others affected by the COVID-19 outbreak.
The law addresses almost every element of the U.S. economy. The government agencies and others involved in implementation will be taking urgent action to implement its provisions over the next weeks. The following summary highlights the programs, initiatives, and relief measures created or expanded by the new law.
The CARES Act includes a number of provisions designed to provide quick relief to individuals and families left unemployed or financially disadvantaged by the COVID-19 outbreak.
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act Summary President Donald J. Trump signed the Coronavirus Aid, Relief, and Economic Security …
The CARES Act seeks to make it possible for small businesses not only to survive the COVID-19 outbreak, but also to keep their employees paid and insured for at least the next eight weeks. The Small Business Administration will be responsible for most of these programs, but private lenders will be actively involved.
The CARES Act seeks to preserve industries that have been disproportionately affected by the pandemic, and industries deemed critical to national security.
The CARES Act provides financial support to states, territories, and tribal governments through direct grants and reimbursements.
The CARES Act includes several provisions to expand access to health care and make it easier for health care providers to treat patients.
Federal banking regulators have said that the industry’s fundamentals are strong; the CARES Act includes several provisions designed to relieve regulatory burden and improve liquidity in the system.
The CARES Act gives the Department of Education broad authority to waive requirements for schools and students in the wake of the pandemic, and to offer flexibility in the use of grants and payments.