March 27, 2020 (date of enactment), the House passed and the president signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, or “CARES” Act. The CARES Act marks the largest economic relief package in our nation’s history.
Much of the CARES Act involves tax and related relief for businesses and individuals. The Act provides rebates for many individual taxpayers, expands unemployment insurance coverage and provides opportunities to access retirement plan funds without penalties. On the business side, net operating loss rules are relaxed, new loan programs are available and certain payroll tax liabilities can be deferred. In addition, several revenue-raising provisions from the Tax Cuts and Jobs Act (TCJA) limiting business deductions are being temporarily rolled back or modified.
This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.
Date enacted: March 18, 2020
Specifically, the bill provides FY2020 supplemental appropriations to the Department of Agriculture (USDA) for nutrition and food assistance programs, including:
The bill also provides FY2020 appropriations to the Department of Health and Human Services for nutrition programs that assist the elderly.
The supplemental appropriations provided by the bill are designated as emergency spending, which is exempt from discretionary spending limits.
The bill modifies USDA food assistance and nutrition programs to:
In addition, the bill requires the Occupational Safety and Health Administration to issue an emergency temporary standard that requires certain employers to develop and implement a comprehensive infectious disease exposure control plan to protect health care workers.
The bill also includes provisions that:
Provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak. It provides supplemental appropriations for the Department of Health and Human Services (HHS), the State Department, and the Small Business Administration to respond to the coronavirus outbreak.
Date enacted: March 6, 2020
It provides funds programs that address issues such as:
The supplemental appropriations are designated as emergency spending, which is exempt from discretionary spending limits.
The bill provides appropriations for: