CARES Act

2/8/2022, 11:14 PM

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak.

The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes.

With respect to small businesses, the bill

  • establishes, and provides funding for, forgivable bridge loans; and
  • provides additional funding for grants and technical assistance.

The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).

The bill establishes limits on requirements for employers to provide paid leave.

With respect to taxes, the bill

  • establishes special rules for certain tax-favored withdrawals from retirement plans;
  • delays due dates for employer payroll taxes and estimated tax payments for corporations; and
  • revises other provisions, including those related to losses, charitable deductions, and business interest.

With respect to health care, the bill

  • provides additional funding for the prevention, diagnosis, and treatment of COVID-19;
  • limits liability for volunteer health care professionals;
  • prioritizes Food and Drug Administration (FDA) review of certain drugs;
  • allows emergency use of certain diagnostic tests that are not approved by the FDA;
  • expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines;
  • revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid.

With respect to education, the bill

  • temporarily suspends payments for federal student loans; and 
  • otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions.

The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

Congress
116
Number
S - 3548
Introduced on
2020-03-19
# Amendments
3
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/19/2020
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak.

The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes.

With respect to small businesses, the bill

  • establishes, and provides funding for, forgivable bridge loans; and
  • provides additional funding for grants and technical assistance.

The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).

The bill establishes limits on requirements for employers to provide paid leave.

With respect to taxes, the bill

  • establishes special rules for certain tax-favored withdrawals from retirement plans;
  • delays due dates for employer payroll taxes and estimated tax payments for corporations; and
  • revises other provisions, including those related to losses, charitable deductions, and business interest.

With respect to health care, the bill

  • provides additional funding for the prevention, diagnosis, and treatment of COVID-19;
  • limits liability for volunteer health care professionals;
  • prioritizes Food and Drug Administration (FDA) review of certain drugs;
  • allows emergency use of certain diagnostic tests that are not approved by the FDA;
  • expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines;
  • revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid.

With respect to education, the bill

  • temporarily suspends payments for federal student loans; and 
  • otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions.

The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

Alternative Names
Official Title as IntroducedA bill to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.
Policy Areas
Economics and Public Finance
Potential Impact
Administrative law and regulatory procedures•
Appropriations•
Aviation and airports•
Business education•
Cardiovascular and respiratory health•
Charitable contributions•
Child health•
Civil actions and liability•
Congressional oversight•
Corporate finance and management•
Corporation for National and Community Service•
Department of Health and Human Services•
Disability and health-based discrimination•
Drug safety, medical device, and laboratory regulation•
Drug therapy•
Drug, alcohol, tobacco use•
Economic performance and conditions•
Education programs funding•
Emergency medical services and trauma care•
Employee benefits and pensions•
Employee hiring•
Employee leave•
Employment discrimination and employee rights•
Employment taxes•
Evidence and witnesses•
Executive agency funding and structure•
Federal preemption•
Financial crises and stabilization•
Financial services and investments•
Food and Drug Administration (FDA)•
Food assistance and relief•
Foreign and international corporations•
Government employee pay, benefits, personnel management•
Government information and archives•
Government lending and loan guarantees•
Government studies and investigations•
Health care costs and insurance•
Health care coverage and access•
Health care quality•
Health facilities and institutions•
Health information and medical records•
Health personnel•
Health programs administration and funding•
Health promotion and preventive care•
Health technology, devices, supplies•
Higher education•
Home and outpatient care•
Hospital care•
Housing discrimination•
Immunology and vaccination•
Income tax credits•
Income tax deductions•
Income tax exclusion•
Infectious and parasitic diseases•
Interest, dividends, interest rates•
Judicial procedure and administration•
Manufacturing•
Medicaid•
Medical tests and diagnostic methods•
Medicare•
Minority and disadvantaged businesses•
Minority education•
Motor fuels•
National and community service•
Nutrition and diet•
Prescription drugs•
Right of privacy•
Rural conditions and development•
Sales and excise taxes•
Securities•
Small Business Administration•
Small business•
Social work, volunteer service, charitable organizations•
State and local finance•
State and local government operations•
Strategic materials and reserves•
Student aid and college costs•
Tax administration and collection, taxpayers•
Taxation of foreign income•
Temporary and part-time employment•
Transportation employees•
U.S. territories and protectorates•
Unemployment•
User charges and fees•
Veterinary medicine and animal diseases•
Wages and earnings•
Women in business

Comments

Related

Member:  Richard C. Shelby
Member:  Lamar Alexander
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Bill Update Alert:  Primary Care Enhancement Act of 2019
Bill Update Alert:  United States Public Health Service Modernization Act of 2019
Bill Update Alert:  Commission on America’s Medical Security Act
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Bill Update Alert:  ‘Protecting Jessica Grubb’s Legacy Act'
Amendment Update Alert:  116 samdt 1561 - To amend titles XVIII and XIX of the Social Security Act to provide equal coverage of in vitro specific IgE tests and percutaneous tests for allergies under the Medicare and Medicaid programs.
Bill Update Alert:  Commission on America’s Medical Security Act
Amendment Update Alert:  116 samdt 1563 - To suspend Federal payroll taxes for 2020.
Bill Update Alert:  Healthy Start Reauthorization Act of 2019
Bill Update Alert:  Good Samaritan Health Professionals Act of 2020
Bill Update Alert:  Isaiah Baker and Margie Harris-Austin Act
Amendment Update Alert:  116 samdt 1562 - To enhance the 2020 recovery rebates for individuals.

Recent Activity

Latest Summary3/20/2020

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak.

The bill authorizes em...

Latest Action6/3/2020
Committee on Small Business and Entrepreneurship. Hearings held.