WASHINGTON, D.C., March 30, 2020 - As forecast in the March 27 edition of the ELFA Washington Report e-newsletter, on Friday the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion legislation will put cash into the hands of most Americans in the coming weeks, provide guaranteed loans and/or grants to U.S. businesses of all sizes, and provide needed support to the health care system and the states.

With a bill this large, it will take some time to figure out how everything is going to work, and guidance will be forthcoming on how all of the various relief programs will be administered by the Department of the Treasury, the Department of Labor, the Small Business Administration and the IRS. Among other measures, the CARES Act includes a new Paycheck Protection Program for small businesses, a significant economic stabilization and assistance effort, and several tax provisions of import.

See ELFA’s Federal Government’s COVID-19 Response page for all the latest resources.