Washington Update: The CARES Act is Signed into Law
The following information was compiled in conjunction with Steptoe & Johnson LLP.
On March 27, 2020, President Trump signed into law “Phase Three” of the congressional response to the COVID-19 emergency. The legislation, titled the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), follows intense negotiations over the last week. In addition to support for certain distressed segments of our economy, the CARES Act provides direct financial aid in the form of $1,200 checks for individuals earning less than $75,000 ($2,400 for married households earning less than $150,000) with an additional $500 per child. The Act additionally provides expanded unemployment insurance, financial support for state and local governments, a loan program for small businesses and not-for-profits, a payroll tax deferral for employers, and financial assistance to small businesses and certain industries.