COVID-19 / CARES Act FAQs

Questions and Answers Posted Daily - Last Updated 04/29/20

The CARES Act (2)

The CARES Act is the third stimulus bill passed into law in response to the COVID-19 pandemic. CARES stands for the “Coronavirus Aid, Relief, and Economic Security Act.”

Major provisions include:

  • Paycheck Protection Program (PPP)
  • Economic Injury Disaster Loan Program (EIDL)
  • Pandemic Unemployment Assistance Program (PUA)
  • Multiple Other Unemployment, Tax, and Related Programs

As part of the CARES Act, the initial $349 billion dollar allocation for the Paycheck Protection Program ran out of money in just 13 days, and was then given $320 billion in new funding on April 24, 2020. As of this writing, the program is still open.

Category: The CARES Act

On April 24, 2020 a new bill was signed into law that sent more money to the PPP, EIDL, and other causes. Here is the breakdown.

There were $484 billion total issued in this bill:

$321 billion for Paycheck Protection Program

$60 billion for Economic Injury Disaster Relief Advance program

$75 billion for hospitals

$25 billion for testing

Work In Progress

We are in the midst of a critical time, and we here at Maddrey have been working hard to get the best information out to you in the best ways we can. This website is not complete, but instead of rolling it out in the future, we decided to make sure you could access our articles, webinars, and other information right now. Thank you all.