B0107-Background.jpg

Coronavirus Resource Center

Summary of COVID-19 (Coronavirus) Stimulus Legislation

Mar.27.2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package, was approved by the U.S. House of Representatives by a voice vote on March 27, 2020 despite opposition from certain Republican members who were seeking a roll call vote. The package was approved unanimously by the U.S. Senate with a vote of 96-0 on March 25, 2020. It is the third coronavirus emergency response bill considered this month in Congress, which passed the Coronavirus Preparedness and Response Supplemental Appropriations Act on March 6 and the Families First Coronavirus Response Act on March 18.

The CARES Act was first drafted by Majority Leader Mitch McConnell (R-KY), though after significant resistance from Senate Democrats, the final bill text was principally negotiated by Treasury Secretary Steve Mnuchin and Senate Minority Leader Chuck Schumer (D-NY). The broad stimulus package is viewed as a compromise and includes:

  • Federal grants, loans, and other assistance for small businesses and other businesses disproportionately affected by the coronavirus outbreak
  • Additional funding for hospitals and doctors as they brace for continued and increased pressure on their workforce and systems
  • Direct financial assistance to individual taxpayers
  • An expansion of unemployment insurance
The following PDF provides a summary of the key provisions included in the Act.

For more information, please contact the professional(s) listed below, or your regular Crowell & Moring contact.

James G. Flood
Partner – Washington, D.C.
Phone: +1 202.624.2716
Email: jflood@crowell.com
Robert Holleyman
Partner and C&M International President & CEO – Washington, D.C.
Phone: +1 202.624.2505
Email: rholleyman@crowell.com
Tim Shadyac
Director, Government Affairs – Washington, D.C.
Phone: +1 202.624.2958
Email: tshadyac@crowell.com
Jerrica Mathis
Director, Government Affairs – Washington, D.C.
Phone: +1 202.508.8974
Email: jmathis@crowell.com
S. Starling Marshall
Partner – New York
Phone: +1 212.895.4263
Email: smarshall@crowell.com
Laurel Pyke Malson
Partner – Washington, D.C.
Phone: +1 202.624.2576
Email: lmalson@crowell.com
W. Scott Douglas
Senior Policy Director – Washington, D.C.
Phone: +1 202.508.8944
Email: sdouglas@crowell.com
Jacinta Alves
Partner – Washington, D.C.
Phone: +1 202.624.2573
Email: jalves@crowell.com
Thomas P. Gies
Partner – Washington, D.C.
Phone: +1 202.624.2690
Email: tgies@crowell.com
Scott Lessne
Senior Counsel – Washington, D.C.
Phone: +1 202.624.2597
Email: slessne@crowell.com
Eric Homsi
Counsel – New York
Phone: +1 212.803.4070
Email: ehomsi@crowell.com
David W. O'Brien
Partner – Washington, D.C.
Phone: +1 202.624.2850
Email: dobrien@crowell.com
Matthew Vicinanzo
Associate – Washington, D.C.
Phone: +1 202.508.8721
Email: mvicinanzo@crowell.com
Joshua Boswell
C&M International Director – Washington, D.C.
Phone: +1 202.508.8752
Email: jboswell@crowell.com
Trey Flowers
C&M International Consultant – Washington, D.C.
Phone: +1 202.654.6729
Email: lflowers@crowell.com
Peter Gray
Partner – Washington, D.C.
Phone: +1 202.624.2513
Email: pgray@crowell.com
Lisa Kimmel, Ph.D.
Senior Counsel – Washington, D.C.
Phone: +1 202.624.2749
Email: lkimmel@crowell.com
Shaina Vinayek
Associate – Washington, D.C.
Phone: +1 202.688.3444
Email: svinayek@crowell.com