COVID-19 / CARES Act FAQsQuestions 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.
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
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