COVID-19: A Brief Overview of the Coronavirus Aid, Relief, and Economic Security ActOn March 30, 2020 by Schnader in Aviation
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Joseph Tiger and Barry S. Alexander have published a new client alert, “COVID-19: A Brief Overview of the Coronavirus Aid, Relief, and Economic Security Act.” The alert reads in part:
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was adopted by Congress and signed into law. The massive federal legislation is intended to provide economic relief to, among others, businesses affected by the COVID-19 pandemic. The CARES Act is an approximately $2 trillion stimulus package with significant implications for numerous industries and nearly all aspects of the economy.
The CARES Act includes significant assistance to businesses, including various forms of tax relief. It also provides much-needed relief to individuals in the form of supplemental unemployment payments of $600 per week for up to four months and direct payments of up to $1,200 dollars per individual (with an additional payment of $500 per child) depending on income (the direct payments begin to phase out for incomes above $75,000 for individuals and $150,000 for joint filers). Additionally, the CARES Act includes numerous appropriations, many of which are designed to aid businesses.