In the largest emergency spending measure in U.S. history, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed the house, senate, and was signed into law today by President Trump within hours of receiving it to his desk. The measure became law in lightening speed looking to deliver emergency relief in the form of a tidal wave of cash to individual Americans, businesses and health care facilities all reeling from the coronavirus pandemic across the United States. The new law will deliver a massive $2 trillion in emergency spending to Americans and many of their companies. Here are the details! See if your family and company are able to benefit.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
What is it? A $2 trillion stimulus bill to respond to the pandemic, including cash and assistance for regular Americans as well as businesses hit hard by the virus. Its purpose is to provide emergency relief due to the coronavirus pandemic.
When does it take effect? The Senate and House have passed the bill and President Trump have signed it into law within 48 hours.
What are the key details?
Direct payments to individuals: tax credit
Unemployment Benefits Extended
$500 billion lending program. The Treasury Department provides $500 in loans: $25 billion for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security, the remaining $454 billion, are given wide latitude to provide loans to businesses, states and municipalities
Mid-size businesses between 500-10,000 employees, as well as non-profit organizations, do not have payments due on loans for the first six months after issuance.
Federally elected officials receive no benefits. Businesses that are owned or partly owned by “the President, the Vice President, the head of an Executive department, or a Member of Congress; and the spouse, child, son-in-law, or daughter-in-law” will not receive benefits. The provision applies to anyone with 20% or greater stake in a business.
Foreclosures and evictions’ protection
Hospitals and airlines receive benefits
Article By Nouvelle L. Gonzalo Esq. and Brittany George
Nouvelle L. Gonzalo, Esq. is a U.S. and international corporate lawyer who works with companies across the globe. She is the managing attorney of Gonzalo Law LLC, a U.S. and international corporate law firm with offices in Florida and Ohio. In addition to the active practice of law, she has served as adjunct faculty of international corporate law for several years. She was recognized as a rising star by the national organization, Super Lawyers, in 2019 and 2020. Her practice areas include: international corporate law, intellectual property law, and nonprofit law. You can contact her with any questions or for a complimentary consult at email@example.com.
Brittany George. Brittany is a student associate with Gonzalo Law. She has a sharp mind and an eye for detail. Brittany focuses on our corporate and legislative research.