US Congress set to make more than $500 billion available to eligible larger businesses.

On March 27, 2020, President Donald J. Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act provides more than $2 trillion in emergency relief to address the financial uncertainty created by the COVID-19 pandemic. Section 4003 of Title IV of the CARES Act authorizes the Department of the Treasury to provide $500 billion in loans or loan guarantees to, or other investments in, both eligible industry-specific businesses and other businesses, as well as to provide liquidity to states and municipalities, that have suffered extreme financial hardship as a result of the COVID-19 emergency. This Client Alert provides answers to frequently asked questions about the industry-specific and other business-related relief provisions, including what types of loans are available, who is eligible for relief, what the terms and conditions are to receiving loans and loan guarantees, and how to apply for relief.