Update: CARES Act Nears Passage
Very early morning on March 25 (EST), the President and congressional leaders struck a bipartisan deal on a third bill, officially called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The unprecedented rescue package, totaling more than $2 trillion, will provide assistance to many stakeholders seriously impacted by COVID-19, including businesses, health care providers, and most Americans. It includes language to provide direct cash payments to Americans, expand unemployment benefits, provide additional funding for state and local governments, assistance for small businesses struggling to make payroll, and funds for hospitals, health centers, and other providers to address the surge in patients due to coronavirus.
The details are just coming out, but a near final bill text is available here. The near final bill defines the term ‘‘State’’ to include the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau. Therefore, it appears the CARES Act will apply with equal effect to Guam as it does to the rest of the States.
The Senate convenes at noon today (March 25 EST) to begin their consideration of the package and the House is expected to consider it soon after Senate completion by unanimous consent. The President is expected to quickly sign the bill following congressional passage. On March 24, as final negotiations were underway to complete the CARES Act, discussions began on a fourth (4.0) bill which may include technical corrections for previously passed emergency response bills, and additional emerging needs related to COVID-19.
In addition to the CARES Act, Congress has already passed two bills in the past two weeks:
The first bill, the Coronavirus Preparedness and Response Supplemental (CPPRS) (H.R. 6074), which included $8.3 billion in emergency supplemental funds for key federal agencies responding to the coronavirus epidemic, passed on March 5.
The second bill, the Families First Coronavirus Response Act (FFCRA) (H.R.6201), primarily seeks to mitigate the impact on individuals with provisions on low-income food/nutrition assistance, unemployment insurance, emergency leave, and employer tax credits to partially offset the costs of required leave.