Policy Issues
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:
Small Business Emergency Loans Under the "Paycheck Protection Program"
Independent contractors, sole proprietors, and businesses with 500 employees or less
Federal Reserve 13(3) Lending Programs and Facilities
Businesses with any number of employees over 500
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November 13, 2020
Real Estate Coalition Urges Federal Banking Regulators to Extend Relief Period for COVID-19 Related Loan Modifications
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October 30, 2020
Post-Election Pandemic Relief Could Be Part of Government Funding Bill in December
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October 23, 2020
Pandemic Relief Deal at Impasse as Election Nears
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May 15, 2020
Roundtable Urges Further Economic Stabilization by Encouraging Financial Institutions to Work Constructively with All Borrowers Affected by COVID-19
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April 22, 2020
Concerns Regarding the Main Street Lending Program: Main Street New Loan Facility (MSNLF and Main Street Expanded Loan Facility (MSELF)
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April 16, 2020
Real Estate Organizations Seek PPP Clarity