The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, is the largest emergency stimulus plan in United States (U.S.) history. The law is intended to soften the blow of the COVID-19 pandemic on the economy and includes assistance for businesses and individuals by providing low-interest loans, loan relief, additional unemployment benefits and cash payments to certain taxpayers. A full text of the CARES Act is available here.
The CARES Act focuses on workers, economic stabilization and the health care system. This article discusses provisions relating to unemployment insurance and employer group health plans. To learn more about limitations the Act places on executive compensation for organizations that use government loans and loan guarantees under the legislation, click here for our recent article.
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