Update: Trump signed the CARES Act bill into law

On Friday, March 27, President Trump signed a massive $2 trillion emergency spending bill into law just hours after the House of Representatives passed the measure by a voice vote, and less than 48 hours after it received unanimous approval from the Senate. 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. The White House, Treasury Department, Small Business Administration and other agencies must now rush to implement the new law, including by issuing new guidelines. We will provide an in-depth analysis of each provisions soon and how it will affect Guam residents and local businesses.

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.