By Phillips Murrah attorney Lauren Barghols Hanna
Early this morning, the Senate reportedly reached a bipartisan deal to finalize and pass the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion stimulus package seeking to address the widespread economic damage caused by the ongoing coronavirus pandemic. In addition to directly sending $1,200 checks to many Americans, the legislation reportedly creates a $367 billion loan program for small businesses, supplements state unemployment insurance benefits, directs $150 billion to state and local stimulus funds, and forms a $500 billion fund for industries, cities and states.
The Senate is expected to vote on the CARES Act on Wednesday afternoon.
Phillips Murrah will keep you advised as the CARES Act advances through Congress. Keep up with our ongoing COVID-19 resources, guidance and updates at our RESOURCE CENTER.
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