The recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) seeks to mitigate the economic impact of COVID-19. It seeks to expand on prior legislation. It provides greater assistance to individuals, small businesses, state and local governments, tribal governments, and key industries (e.g., hospitals, airlines). It does this by the strategic infusion of funds and regulatory flexibility. Highlights include:
- Stimulus checks to many individuals and families based on income level.
- Hundreds of billions in forgivable loans and grants for small businesses so they can maintain their existing workforce.
- Billions in stimulus funds for state, local, and tribal governments.
- A Marshall Plan for hospitals and other medical facilities.
- An extension of unemployment benefits that will increase the maximum unemployment benefit amount and ensure full pay for four months for laid-off workers.
- A $500 billion loan and loan-guarantee program under the Treasury. $425 billion is allocated for businesses, cities, and states; $58 billion for airlines; and $17 billion for firms critical to national security.
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