CARES ACT Becomes Law

A third stimulus package to combat the COVID-19 public health emergency, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), became law on Friday, March 27, 2020, with President Trump’s signature, just hours after it cleared the House. As discussed in detail in our previous post, the CARES Act builds tremendously on two previously enacted pieces of legislation and provides enhanced financial support for both individuals and businesses suffering from the continuing COVID-19 pandemic. Tax policy is front and center, with a focus on getting money directly into the hands of millions of individuals and providing liquidity for small businesses.