What to Know About the CARES Act

On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law.  About $2 trillion would be provided to individuals, businesses, and states in response to coronavirus.  

•$500 billion for loans and assistance to companies and state and local governments, including $29 billion for loans to U.S. airlines and related businesses. Stock buybacks and executive compensation would be restricted. Additional funds would be provided to aviation workers.  

•$349 billion in low-interest small business loans that could be partially forgiven 

•Payments of as much as $1,200 for individual taxpayers, and $500 per child, phased out when incomes exceed $75,000 for individuals and $150,000 for couples filing jointly. 

•An additional $600 per week for those receiving unemployment benefits.  

•$150 billion for aid to state, local, and tribal governments. 

•A suspension of Medicare sequestration through the end of the year and the extension of several health programs until December. 

CARES is the third bill passed by Congress and signed by the President to address the pandemic. Congress is currently working on several other pieces of legislation to address additional economic issues related to coronavirus, and these measures could include provisions to ease infrastructure siting concerns. WIA and its members are working closely with Congress and the White House on these bills.