Update: Senate unanimously passed CARES Act

Late Wednesday, March 25, the US Senate voted unanimously (96-0), to advance “Phase Three” of a congressional response to the COVID-19 emergency. The legislation, entitled the "Coronavirus Aid, Relief, and Economic Security Act" (the CARES Act), is the third bill in response to the pandemic in three weeks. This $2.2 trillion-dollar package includes $500 billion in financial assistance for distressed businesses, $349 billion in low-interest small business loans, and $100 billion in financial assistance for hospitals. It includes $1,200 in financial assistance for the lowest income taxpayers, an additional 13 weeks of unemployment compensation benefits, and an employee extension credit. The text of the CARES Act is available here and a section by section summary is available here.

Discussions for a fourth bill have also begun. It may include technical corrections, new areas of need in response to COVID-19 impact, and stakeholder priorities which failed to gain sufficient support to be included in the last bill.

Update: On Friday, March 27, the House passed the CARES Act, with both parties backing the bill. President Trump has signaled he will sign it into law immediately.

We will provide an in-depth analysis of each provisions soon.