Summary of Bipartisan Agreement on “CARES” Act Released Wednesday, March 25, 2020 (provided by the US Chamber of Commerce )
The U.S. Chamber of Commerce will revise this document as it continues to review the bill. Summary as of 9:00 AM Thursday, March 26.
A similar analysis of the business provisions advocated for by Senator Marco Rubio was provided to the Winter Haven Chamber by his office today and can be read here.
Contents of the Bill:
Small Business “Paycheck Protection Program:
New $349 billion lending program, modeled on existing SBA 7(a) program, with 100% government guarantee (as opposed to 75% guarantee for 7(a) loans).
Additional Small Business Provisions:
Changes to SBA’s Economic Injury Disaster Loans (EIDLs):
Loan Programs and Credit Facilities:
Business Tax Provisions:
Pension and Employee Benefit Requirements:
Payments & Relief for Individuals:
Work Sharing Programs:
Paid Leave Changes:
Changes to the “Phase 2” Bill that was just enacted:
Health Care Provisions:
Airline Industry Support:
State and Local Aid:
Provides $150 billion to states and local government based on each state’s population for the purpose of funding unforeseen expenses related to COVID-19.
Provides $340 billion in new federal spending for Fiscal Year 2020 – 80% of which goes to state and local governments and communities and includes: