March 24, 2020

COVID-19 Policy Update: CARES Act Summary

2 min

Senate Majority Leader Mitch McConnell has released an updated text of the Senate Republicans' stimulus plan. The measure calls for direct financial help to Americans, immediate assistance for health care first responders and patients, support for small businesses, and assistance for distressed industries.

The Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) includes many provisions to bridge the economy while the nation lives through the COVID-19 virus outbreak. The measure, among many things, will:

  • Provide every American who makes less than $99,000 a year with a $1,200 check, and, if they have a child, they would receive an additional $500 per child.
  • Provide $350 billion for small businesses, including federally backed loans that can be forgivable if their payroll is maintained. The loans are available to any business that was active on March 1, 2020 and employed individuals.
  • Provide $208 billion in loans for major industries that have been impacted by the coronavirus. That amount includes $50 billion for the U.S. airline industry, $8 billion for cargo air carriers, and $150 billion for other eligible entities.
  • Delay tax filing for all Americans by 90 days until July 15.

The measure continues to be negotiated in the Senate and is subject to change. We will update this note when appropriate.

Summary of Division B
CARES ACT Summary
CARES ACT Summary I
CARES ACT Summary II
CARES ACT Summary III
CARES ACT Summary IV