Late Wednesday evening the Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The House is expected to pass the Act today after which it will go to the President for signature.
The Act provides $2 Trillion in funding to bolster the U.S. economy during the unprecedented crisis unfolding across the globe including significant expansion in SBA and other loans to distressed businesses, tax relief for businesses and individuals, aid to state and local governments, and expanded unemployment benefits.
We are evaluating the Act and the opportunities for assistance available to our clients in all sectors of the economy, and will be issuing alerts and posting and updating information in the Coronavirus Resource Room on our website.