The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion relief act designed to assist those suffering financially as a result of the COVID-19 pandemic. The CARES Act was signed into law by President Donald Trump on March 27, 2020.
The CARES Act provides extensive economic support to business and individuals. Amongst the support offered by the act is:
- Increased financial security for business owners, such as the Paycheck Protection Program (loans that employers could take out to keep being able to pay their employees)
- More extensive unemployment assistance for those that lost their job as a result of the pandemic or were unable to work due to contracting COVID-19
- Increased access to COVID-19 testing by making the tests completely covered by private health insurance, and available to unemployed people if their state Medicaid program elects to do so
- Loan guarantees to sectors significantly impacted by COVID-19 and its restrictions, such as passenger airlines and air cargo carriers, businesses critical for national security and a boost to the Federal Reserve’s lending facilities
- A moratorium on evictions under certain circumstances
- $150 billion in relief to be spread amongst States, Territories and Tribes to help deal with expenses related to COVID-19