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Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)

Client memorandum | March 28, 2020

In response to the Coronavirus (COVID-19) Pandemic, Congress passed the Phase 3 economic relief legislation, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, 2020. The CARES Act will provide relief to a range of small and large businesses and individuals, although there are important conditions and eligibility requirements. In particular, Congress is allocating billions of dollars for small business loans and direct loans under the Exchange Stabilization Fund, as well as expanded unemployment insurance benefits and tax relief.

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