The CARES Act: A Guide to the Economic Stabilization Provisions

The CARES Act (the “Act”), enacted on March 27, 2020, authorizes the U.S. Department of the Treasury (the “US Treasury”) to provide up to $500 billion in loans, loan guarantees and investments to certain eligible United States businesses impacted by the COVID-19 pandemic. These financial assistance provisions are contained in Title IV of the Act, which also provides for targeted regulatory relief with respect to the aviation industry, various banking regulations and certain consumer protection measures, including credit reporting and mortgage delinquencies. Together, these provisions form a central part of the federal government’s efforts to stabilize the US economy during the COVID-19 outbreak.

The financial assistance programs and related measures are designed to directly support severely impacted businesses (as well as States, municipalities and non-profits) through a combination of...

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