March 30, 2020
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted by the US Congress and signed into law. The CARES Act is by far the largest economic and emergency aid package in US history, authorizing roughly $2 trillion in expenditures by the Federal government. More than simply providing economic stimulus, the legislation is a vehicle for an array of direct relief measures for individuals, businesses, cities and states, all of which have come under extreme pressure as a result of the COVID-19 pandemic. We expect that further Federal legislative and administrative actions, in addition to those taken or contemplated by the CARES Act, will ultimately be required to restore growth to the beleaguered US economy.