They DID Know! Act to address Cv19 INTRODUCED 24 Jan 2019

Sponsor: Rep. Courtney, Joe [D-CT-2] (Introduced 01/24/2019)
Committees: House - Ways and Means
Latest Action (modified): 03/27/2020 Became Public Law No: 116-136. (All Actions)
Roll Call Votes: There have bee

[link to www.congress.gov (secure)]









Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses.

DIVISION A--KEEPING WORKERS PAID AND EMPLOYED, HEALTH CARE SYSTEM ENHANCEMENTS, AND ECONOMIC STABILIZATION

This division establishes the Paycheck Protection Program to provide eight weeks of cash flow assistance to small businesses through federally guaranteed loans to employers who maintain their payroll. Such assistance shall be to cover costs such as payroll, paid sick leave, supply chain disruptions, and employee salaries. The division further provides that certain amounts owed on such loans are eligible to be forgiven.

The division also authorizes the Small Business Administration (SBA) to provide advances on SBA emergency disaster loans for small businesses that have applied for such loans due to the COVID-19 pandemic.

Additionally, the division requires the SBA to pay all principal, interest, and fees on certain new and existing SBA loans for a period of six months.

TITLE I--KEEPING AMERICAN WORKERS PAID AND EMPLOYED ACT

This title provides emergency economic relief for small businesses to meet their payroll and expenses and to receive education and assistance throughout the COVID-19 pandemic.

Last Edited by Thomas Cruciamen on 05/08/2020 12:10 AM