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.