The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a wide-ranging statute enacted on March 27, 2020, to address the health, economic, and societal impacts of the COVID-19 pandemic.
At more than 300 pages, the Act – coupled with three other pieces of emergency legislation – provides $2.4 trillion in economic relief to individual citizens, loans for businesses, support for hospitals and other medical providers, and economic relief for impacted businesses and industries.
- CARES ACT
- PPP & HCE ACT
- PUBLIC LAW 116-123
- PUBLIC LAW 116-127
- $78.1B Airline Industry
- $82B Federal Program Administration and Oversight
- $14.1B Higher Education
- $468B Individuals
- $454B Emergency Lending
- $686B Small Business
- $277B State, Local, and Tribal Governments
- $1.6B Global Assistance
- $9.5B Farming Industry
- $176B Hospitals and Health Care Providers
- $60B Financial Institutions
- Source: Public Laws 116-123, 116-127, 116-136, and 116-139; 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
The Act also creates a Pandemic Response Accountability Committee (PRAC) composed of federal Offices of Inspector General
... to “promote transparency and conduct and support oversight of covered funds and the Coronavirus response to (1) prevent and detect fraud, waste, abuse, and mismanagement; and (2) mitigate major risks that cut across program and agency boundaries.” Among the Committee’s responsibilities is development of a user-friendly website to foster greater accountability and transparency in the use of these funds.