There are lots of opinions floating around about what’s happening - why the market seems to be falling apart; how serious Covid-19 (Coronavirus) is; how long the state-specific but quasi-mandatory shutdowns will last; what the economic damage will be; how much of said damage will be offset by Government stimulus; ad infinitum. The one thing that everyone seems to agree on, however, is that things are bad. Immeasurably bad.
Argyle Capital Partners
The Coronavirus Aid, Relief and Economic Security (CARES) Act
On March 27, 2020 the U.S. House of Representatives sent a $2.2 trillion emergency fiscal stimulus package, called the Coronavirus Aid, Relief and Economic Security Act to the White House for the president’s signature. The CARES Act, representing approximately 10% of the annual gross domestic product (GDP) of the United States, was designed to blunt the negative economic impacts of COVID-19 on the U.S. economy.
The CARES Act was designed by the Senate and House to provide tax credits, loans and direct payments to individuals, businesses, state and local governments, and health care providers to help meet their cash-flow needs over the next several months.
We discuss below the provisions of the Act that are likely to be of interest to you - our valued clients – as spouses, parents, caregivers, retirees, employees, executives and business owners.
