President Donald Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides $2 trillion of relief funds. The U.S. House passed the legislation early Friday afternoon. This is the third phase of federal relief for businesses, states, and individuals that passed the U.S. Senate late Wednesday evening.
Among the provisions in the bill are:
- $130 Billion for hospitals
- $150 Billion for state & local governments
- $500 Billion that can be used to back loans and assistance to companies
- $350 Billion to aid small businesses
- $600 per week add-on to state unemployment benefits
- $1,200 for lower and middle-income adults and $500 per child
- $24 Billion for agriculture stabilization
- Ban on stock buybacks to any company receiving government loans through the term of the loan plus one additional year
- Payroll tax deferral of a share of 2020 payroll tax
- $30 Billion for education funding
The first phase of relief included $8.3 billion for boosting vaccine research and improving preparedness and prevention. It also provides seniors greater access to telehealth options. The second bill temporarily requires paid sick and family medical leave, increases unemployment benefits, increases access to coronavirus testing, and provides funds for a variety of other financial support for programs expected to see increased demand due to the coronavirus.