Coronavirus Aid, Relief and Economic Security (CARES) Act: Breakdown & Highlights for Public & Non-Profit Entities THE CSRS DISASTER RECOVERY TEAM
Overview On March 27, 2020, President Trump signed into law the CARES Act. The nearly $2.2 trillion relief package is the boldest action to date in response to the COVID-19 pandemic and is the single largest relief bill in U.S. history. The CARES Act (880-page bill) includes: direct financial assistance to Americans; aid to small businesses and employees; efforts to stabilize the economy and keep people employed; and additional support for health care professionals, patients, and hospitals. • The CARES Act, also known as “Phase III,” follows a $104 billion response package signed into law on March 18 (H.R. 6201, “Phase II”), which aimed to expand benefits for workers and provide nutritional assistance to families, and a smaller $8 billion package (H.R. 6074, “Phase I”) earlier this month to boost funding for medical treatments and testing. • Lawmakers are currently under discussion of a fourth stimulus package focusing on infrastructure.
The following is an overview of inclusions within the CARES Act and a breakdown of allocations that could impact public and non-profit entities. It is not an all-inclusive summary of each provision within the CARES Act. The information provided reflects the distribution of funds but doesn’t provide the specific details of eligible activities and required documentation from each Federal entity. We anticipate that this information will become available following the Easter holiday, April 12, 2020.
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CONTACT: Allison Davis Atkinson | EMAIL: allison.davis@csrsinc.com | PHONE: (225) 769-0546