Federal Government Economic Relief in Response to COVID-19

Congress has enacted multiple emergency relief programs, now signed into law, to address the impact of COVID-19 on public health and the economy in the United States.  In the following four Insights, we outline each of the legislative packages enacted to date.

Phase 1 — On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (H.R. 6074) was enacted, providing $8.3 billion in emergency funding primarily to treat and prevent the spread of coronavirus.

Phase 2 — On March 18, 2020, the Families First Coronavirus Response Act, 2020 (H.R. 6201), providing Coronavirus-related leave for employees of companies with fewer than 500 people and related employer tax credits, was enacted. It also provides over $1 billion to state and local agencies to combat the Coronavirus, assures no copayments for COVID-19 testing, and assists the funding of state unemployment trusts.

Phase 3 — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), 2020 (H.R. 748) was enacted. This economic relief package is designed to deliver cash to individuals and businesses to help them weather the economic downturn and includes nearly $2 trillion in relief intended to mitigate the enormous disruption of COVID-19 to the national economy and to bolster the nation’s ability to fight the ongoing public health emergency.

Phase 3.5 — On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act, 2020 (H.R. 266), a $484 billion coronavirus relief package, was enacted. The relief package responds to the COVID-19 outbreak by providing additional funding for small business loans, health care providers, and COVID-19 testing.

Please click here to read the full client alert, Federal Government Economic Relief in Response to COVID-19.

For additional insights into the business and legal implications of the COVID-19 pandemic, please visit our Knowledge Center.