The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) became law on Friday, March 27, providing economic stimulus and emergency relief of historic proportions.
The financial assistance for businesses includes grants for the airline industry, direct loans and loan guarantees, tax relief, and additional funding for direct lending and indirect assistance through Federal Reserve facilities. The CARES Act also provides targeted regulatory relief for financial institutions.
This alert memorandum summarizes and provides our observations on the key CARES Act provisions providing assistance to businesses and supporting financial stabilization.
Cleary’s COVID-19 client task force is at the ready to assist – click here to contact us.