CARES Act Overview: The Impact on Taxpayers and Businesses
The Senate has passed and the House is expected to vote Friday on the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill brings with it several elements of relief expected for businesses, employees, and families in an effort to maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly $2 trillion and includes nearly $500 billion for economic distress relief for companies.
For funding dedicated to taxpayers and businesses, the bill currently includes provisions related to taxes, unemployment, small business loans, and a large business lending program. Below is a summary of what we know so far about the bill. This must still get approved by the House and signed by the President, so some provisions may change.