CARES Act

Summary

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak. The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes. With respect to small businesses, the bill establishes, and provides funding for, forgivable bridge loans; and provides additional funding for grants and technical assistance. The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers). The bill establishes limits on requirements for employers to provide paid leave. With respect to taxes, the bill establishes special rules for certain tax-favored withdrawals from retirement plans; delays due dates for employer payroll taxes and estimated tax payments for corporations; and revises other provisions, including those related to losses, charitable deductions, and business interest. With respect to health care, the bill provides additional funding for the prevention, diagnosis, and treatment of COVID-19; limits liability for volunteer health care professionals; prioritizes Food and Drug Administration (FDA) review of certain drugs; allows emergency use of certain diagnostic tests that are not approved by the FDA; expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines; revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid. With respect to education, the bill temporarily suspends payments for federal student loans; and  otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions. The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 March 2020

   Introduced

   Read twice and referred to the Committee on Finance. (text: CR S1834-1859)

   Source: IntroReferral

2. 19 March 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 June 2020

   Committee

   Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-604.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 March 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 March 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 March 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 19 March 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. McConnell, Mitch [R-KY] · R · Sponsor
• Sen. Alexander, Lamar [R-TN] · R · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor
• Sen. Shelby, Richard C. [R-AL] · R · Sponsor
• Sen. Wicker, Roger F. [R-MS] · R · Sponsor
• · sssb00 · Standing
• · ssfi00 · Standing

Related records

• related to → Restoring Access to Medication Act of 2019
• related to → To amend the Internal Revenue Code of 1986 to clarify that payment of taxes on deferred foreign income in installments shall not prevent credit or refund of overpayments or increase estimated taxes.
• related to → Primary Care Enhancement Act of 2019
• related to → DISARM Act of 2019
• related to → To amend the Internal Revenue Code of 1986 to restore the limitation on downward attribution of stock ownership in applying the constructive ownership rules to controlled foreign corporations, and for other purposes.
• related to → Healthy Start Reauthorization Act of 2019
• related to → United States Public Health Service Modernization Act of 2019
• related to → Isaiah Baker and Margie Harris-Austin Act
• amends ← To amend titles XVIII and XIX of the Social Security Act to provide equal coverage of in vitro specific IgE tests and percutaneous tests for allergies under the Medicare and Medicaid programs.
• amends ← To enhance the 2020 recovery rebates for individuals.
• amends ← To suspend Federal payroll taxes for 2020.

Showing 11 of 29 related records.