On March 27, 2020, the House of Representatives passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act without amendments. Later in the day, the President signed bill enacting it into law.
The CARES Act provides approximately $2 trillion in funding for COVID-19 relief. The Act provides numerous provisions for tax relief for individuals and businesses, as well as a variety of programs designed to quickly inject cash into the economy. Stay tuned for more developments and coverage related to the CARES Act, and check out RSM’s explanation of the CARES Act for explanations of key provisions and insights on what they mean for your business and the economy at large.