The emergence of the coronavirus disease 2019 (COVID-19) has resulted in a public health emergency that already has had far-reaching economic consequences. For example, unemployment claims have surged and many businesses have closed or have modified their operations. The economic disruptions will continue for an indeterminate length of time, and the full effects on communities and businesses will not be fully understood for some time. In this post, we discuss H.R. 748 and H.R. 266, which provide financial assistance to businesses affected by COVID-19.
Coronavirus Aid, Relief, and Economic Security (CARES) Act Includes $909 Billion for Financial Assistance to Businesses. H.R. 748, which was signed by the President on March 27, 2020, provides $377 billion for financial assistance to small businesses—this generally includes businesses and nonprofits with fewer than 500 employees—and $532 billion for financial assistance to air carriers and other large businesses…