What’s in the CARES Act? Here’s a Summary
Last Updated April 22, 2020
On March 27, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the third phase of legislation designed to lessen the economic impact of the COVID-19 pandemic.
The largest emergency response bill in history, the CARES Act allocates nearly $2 trillion in emergency funding to provide relief to households, small and large businesses, states and municipalities, and healthcare providers, among others. Many commentators have noted that the CARES Act is better characterized as a relief bill, which addresses the more immediate fallout, than a stimulus plan, which would restore regular economic activity and is expected to roll out in subsequent phases.
This infographic breaks down the CARES Act to explain some key funding items in the legislation.
Further Reading
What is Stepped-Up Basis on Capital Gains and How Does it Affect the Federal Budget?
The step-up in basis is a provision in tax law that relates to how assets — such as stocks, bonds, or real estate — are valued and taxed after their owner passes away.
Some Tax Provisions Are Expiring in 2025 — Here’s What Experts Think About Them
The TCJA lowered taxes for millions of households and made filing simpler for many — all while making the country’s fiscal outlook worse.
Comprehensive Plans to Address the National Debt
Policy leaders and experts across the political spectrum have proposed a number of comprehensive plans to reduce America’s long-term debt.