The Coronavirus Aid, Relief, and Economic Security Act (the
"CARES Act") was passed by Congress and signed by the
President on March 27, 2020. This stimulus package is more than
double the amount provided by the American Recovery and
Reinvestment Act that was passed during the Great Recession. The
880-page bill includes substantial aid for both employed and
unemployed Americans, the public health system, and employers of
all sizes, including nonprofit organizations.
The CARES Act provides $500 billion in loans to support severely
distressed businesses. Of that $500 billion, up to $25 billion may
be used for loans and loan guarantees for passenger air carriers
and related organizations. Up to $4 billion is allocated
specifically for cargo air carriers, and $17 billion for businesses
critical to maintaining national security.
