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TAX ALERT |
On March 27, 2020, the House of Representatives passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act without amendments. Later in the day, the President signed bill enacting it into law. The CARES Act provides approximately $2 trillion in funding for COVID-19 relief. The Act provides numerous provisions for tax relief for individuals and businesses, as well as a variety of programs designed to quickly inject cash into the economy.
In the late evening hours of March 25, 2020 the United States Senate passed a revised Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or ‘the Act’). Around the clock negotiations and debate over the past few days led to several substantive changes from the previously released language (see our previous alert). The legislation, nowweighing in at over 600 pages, with an additional 200+ pages of appropriations, contains stabilization provisions that address worker retention through Small Business Administration (SBA) loans; unemployment assistance for individuals laid off as a result of state shut-downs or stay-at-home declarations; direct rebate payments to individuals; business provisions including retention credits and expanded use of net operating losses; education provisions; labor-related items; and an emergency relief fund accessible to certain companies. In addition to the economic provisions, the Act addresses the supply of certain medical supplies and emergency drugs, access to health care for COVID-19 payments, and Medicare and Medicaid provisions.