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March 26, 2020

US Senate Passes the CARES Act

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Late last night, March 25, the U.S. Senate unanimously (96-0) approved H.R. 748, a third coronavirus stimulus package (Coronavirus Aid, Relief, and Economic Security (CARES) Act). The package contains numerous provisions to support businesses, large and small, and others including displaced workers, federal agencies, higher education institutions, and corporations. The U.S. House is scheduled to vote on the measure tomorrow, March 27.

A small sample of provisions in the legislation include:

  • $377 billion for SBA for small business loans
  • $150 billion for state and local governments
  • $30 billion in emergency education funding
  • $10 billion for publicly-owned, commercial airports     
  • $25 billion in emergency direct assistance to public transit operators
  • $4.3 billion for Centers for Disease Control and Prevention

The CARES Act is the largest economic rescue measure in American history. For more detail, please see the Title-by-Title summary prepared by the Senate Committee on Appropriations.

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