[co-author: Taylor Daly, Public Policy Specialist]

Congress turns to Phase 3: Emergency Economic Relief -

This afternoon, Senate Majority Leader McConnell (R-KY) released his proposal for Phase 3, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which consists of four key pillars: support for small businesses, direct cash assistance for American adults and families, lending to businesses to stay in business and maintain employment, and protecting the public health.

The proposal includes relief for individual taxpayers through recovery checks of up to $1,200 and an extension in the April 15 filing date to July 15. The CARES Act also includes several measures of relief for businesses, providing for a delay in estimated tax payments for corporations and allowing employers to defer payment of the employer share of the Social Security tax they otherwise are responsible for paying to the federal government with respect to their employees.