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  4. CARES Act


Coronavirus Aid, Relief, and Economic Security Act

The "Coronavirus Aid, Relief, and Economic Security Act," or "CARES Act," enacted on March 27, 2020, responds to the COVID-19 outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses. The CARES Act, in part, provides funding for federal agencies to respond to the pandemic; funds various loans, grants, and other forms of assistance for businesses, industries, states, local governments, and hospitals; provides tax rebates of up to $1,200 per individual and an additional $500 per child; temporarily expands unemployment benefits; and suspends payments and interest on federal student loans. The Act also provides for various oversight entities, including a Special Inspector General for Pandemic Recovery (SIGPR) and the Pandemic Response Accountability Committee (PRAC).

CARES Act Breakdown

$1.9 Trillion

  • Coronavirus Aid, Relief, and Economic Security Act
  • $78.1B Airline Industry
  • $75B Federal Program Administration and Oversight
  • $14.1B Higher Education
  • $100B Hospitals and Health Care Providers
  • $468B Individuals
  • $454B Emergency Lending
  • $16.9 Public Services
  • $376B Small Business
  • $263B State, Local, and Tribal Governments
  • $608M Global Assistance
  • $9.5B Farming Industry
  • Source: Public Law 116-136; Agency Appropriations Information verified through OIG and Treasury Data.
  • *** Other education funding, including K-12 schools, is included in the State, Local, and Tribal Governments category
  •  ** Includes Internal Revenue Service Estimate of Cash Payments as of 4/15/2020 $292 B
  •  ** Includes Department of Labor Estimate for Extra Unemployment Payments as of 4/15/2020 $150.6 B
  •   * Federal Reserve emergency lending facilities support the flow of credit to consumers, employers, businesses, and municipalities
This graphic does not include an estimated $298 billion in tax relief/credits over the next 10 years to assist individuals, businesses, and charitable organizations