CARES Act Passes House & Heads to the President
March 27, 2020 —Today, the House of Representatives passed a historic stimulus package known as the Coronavirus Aid, Relief, and Economic Security or “CARES” act, which contains an unprecedented $2.2 trillion in total financial relief for businesses, public institutions and individuals hit hard by the COVID-19 pandemic. The Senate passed the bill earlier this week and President Trump is expected to sign the legislation into law shortly.
Included in the CARES act are critical provisions from Senator Marco Rubio’s bipartisan Keeping American Workers Paid and Employed Act, a small business emergency economic relief plan that provides more than $377 billion for small businesses to meet their payroll and expenses, and receive education and assistance throughout the coronavirus pandemic. Provisions like the Paycheck Protection Program in this act will assist small businesses in retaining employees through these difficult times. The program has $350 billion dollars to support employers with 500 employees or less to maintain their payroll. This program is retroactive to February 15, 2020 to help bring workers who may have already been laid off back onto payrolls as well. Many PCA members will be eligible for provisions of the CARES act when it is signed into law.
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