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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September 25, 2020
Powell and Mnuchin Urge More Congressional Pandemic Fiscal Relief; Fed Releases FAQs on Main Street Lending Program; Democrats Considering New COVID-19 Package
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September 25, 2020
Roundtable Board Selects Suffolk’s John Fish as Chair-Elect, Establishes Equity, Diversity & Inclusion Committee; Industry Leaders Discuss Investment Trends, Engage Lawmakers on National Policy Issues
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September 18, 2020
House Vote on Stopgap Funding Bill Expected Next Week; White House Signals Possible Compromise on Pandemic Relief Package
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April 10, 2020
Request for Clarifications and Modifications to Risk-Based Guidance
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April 10, 2020
Coalition Urges Treasury, Fed, and SBA to Provide Additional Guidance under the Paycheck Protection Program Established Under CARES Act
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April 8, 2020
The Real Estate Roundtable's 8-Point Plan to Reform the PPP