Status of CARES Act passage [as of April 3]: The Senate passed the CARES Act on Wednesday, March 25, by a 96-0 vote. The House passed the bill on Friday, March 27, and President Trump signed the bill into law that afternoon. On Thursday, April 2, the Small Business Administration released “final interim regulations” to implement the program.
The Coronavirus Aid, Relief and Economic Security (CARES) Act is the $2 trillion rescue bill that intends to respond to public health and economic issues caused by COVID-19 outbreak.
It has been called “the biggest economic stimulus in American history.” The CARES Act is also called “Phase III,” because it follows other COVID-19 responses that became law on March 6, 2020 and March 18, 2020.
Under the CARES Act, hospitals and the medical workforce get $100 billion for products, medicine, and equipment to help address the capacity surge in patients. As an effort to alleviate the economic fallout from the pandemic, the CARES Act massively expands unemployment support, and directs cash payments to individuals and families. It also provides loans, grants and other financial assistance to state and local governments, and all types and sizes of U.S. businesses.
For the business community, a number of financial programs are available depending on how many workers are employed by a given business concern. See summaries of provisions for:
Independent contractors, sole proprietors, and businesses with 500 employees or less
Businesses with 501 to 10,000 employees
Businesses with any number of employees over 500