Yesterday the President signed a $2 Trillion CARES Act
This Act is aimed at providing relief to businesses and individuals affected by the coronavirus pandemic. H.R. 748, named the Coronavirus Aid, Relief, and Economic Security (CARES) Act, will modify elements of the Tax Reform Act of 1986 to help businesses mitigate their coronavirus-related losses.
With a total value of $2 trillion, this act authorizes federal funding for states, companies, individuals, and other entities adversely affected by the coronavirus pandemic and expands the eligibility criteria for the relief programs. There are provisions of the Act that could provide disaster relief for industry companies, including deferred tax payments, loans with forgiveness options, and direct payments to businesses and individuals.