The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was signed into law by President Trump on March 27, 2020. A central element of the new law is the authorization of the Secretary of the Treasury, under Section 4003 of the CARES Act, to provide up to $500 billion of liquidity in the form of loans, loan guarantees, and other investments to support eligible businesses, States, and municipalities.