CARES Act

In response to the impact the COVID-19 pandemic has had on the global and U.S. economy in recent weeks, Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was enacted into law on March 27, 2020. The CARES Act is a nearly $2 trillion stimulus package aimed at delivering critical aid to the U.S. economy, including by way of $500 billion in loans and loan guarantees to support a broad range of borrowers, including specific aid directed at certain hard-hit industries. The CARES Act also includes unemployment and other labor-related assistance to businesses and workers, more than $377 billion in federally guaranteed loans to small businesses, and tax provisions aimed at providing much needed liquidity to businesses as the world seeks to address the COVID-19 pandemic. For more details on the CARES Act generally, including a breakdown of the various components thereof, you may wish to refer to Shearman's related client publication. If