The Senate late on March 25 voted 96 to 0 to pass a $2 trillion “Phase Three” COVID-19 economic stabilization package, H.R. 748, the ‘Coronavirus Aid, Relief, and Economic Security Act’ (the CARES Act), that features significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 pandemic. The House passed the CARES Act without change and President Trump signed the legislation into law on March 27, 2020.
The new “Phase Three” COVID-19 economic stabilization legislation features significant new provisions intended to assist individuals and businesses impacted by the pandemic and its economic effects. Stakeholders should carefully review proposals that are intended to help employers retain employees and continue business operations during the current public health emergency. Stakeholders also should continue to engage with policymakers as the legislation is implemented and as additional relief measures affecting their business operations and employees may be considered.