CARES Act Coronavirus Aid, Relief, and Economic Security Act

S 3548 CARES Act Coronavirus Aid, Relief, and Economic Security Act

US Congress 116th Congress

CARES Act Coronavirus Aid, Relief, and Economic Security Act
S.3548

About S.3548

Addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak. The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes. With respect to small businesses, the bill establishes, and provides funding for, forgivable bridge loans; and provides additional funding for grants and technical assistance. The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers). The bill establishes limits on requirements for employers to provide paid leave. With respect to taxes, the bill establishes special rules for certain tax-favored withdrawals from retirement plans; delays due dates for employer payroll taxes and estimated tax payments for corporations; and revises other provisions, including those related to losses, charitable deductions, and business interest. With respect to health care, the bill provides additional funding for the prevention, diagnosis, and treatment of COVID-19; limits liability for volunteer health care professionals; prioritizes Food and Drug Administration (FDA) review of certain drugs; allows emergency use of certain diagnostic tests that are not approved by the FDA; expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines; revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid. With respect to education, the bill temporarily suspends payments for federal student loans; and otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions. The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

  

Bill Texts

Introduced 03/20/2020

Weigh In

14.8%
7.4%
77.8%
Votes for: 4 Votes against: 21

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Sponsors (7)

Sen. Chuck Grassley


Co-Sponsor

Sen. Richard Shelby


Co-Sponsor

Sen. Lamar Alexander


Co-Sponsor

Sen. Roger Wicker


Co-Sponsor

Sen. Marco Rubio


Co-Sponsor

Sen. Mike Crapo


Co-Sponsor

Sen. Mitch McConnell


Primary Sponsor

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History

Committee On Small Business And Entrepreneurship. Hearings Held.

06/03/2020

S.amdt.1562 Referred To The Committee On Finance.

03/21/2020

S.amdt.1563 Referred To The Committee On Finance.

03/21/2020

S.amdt.1561 Referred To The Committee On Finance.

03/20/2020

Read Twice And Referred To The Committee On Finance.

03/19/2020

Read Twice And Referred To The Committee On Finance. (text: Cr S1834-1859)

03/19/2020

Subject(s)

Economics And Public Finance Aviation And Airports Cardiovascular And Respiratory Health Civil Actions And Liability Congressional Oversight Corporate Finance And Management Drug Safety, Medical Device, And Laboratory Regulation Drug, Alcohol, Tobacco Use Economic Performance And Conditions Education Programs Funding Emergency Medical Services And Trauma Care Employee Benefits And Pensions Employee Leave Financial Services And Investments Government Lending And Loan Guarantees Government Studies And Investigations Health Facilities And Institutions Health Information And Medical Records Health Programs Administration And Funding Health Promotion And Preventive Care Health Technology, Devices, Supplies Higher Education Home And Outpatient Care Hospital Care Immunology And Vaccination Income Tax Credits Income Tax Deductions Infectious And Parasitic Diseases Medical Tests And Diagnostic Methods Medicare Minority And Disadvantaged Businesses Minority Education National And Community Service Prescription Drugs Rural Conditions And Development Sales And Excise Taxes Securities Small Business Social Work, Volunteer Service, Charitable Organizations Student Aid And College Costs Tax Administration And Collection, Taxpayers Transportation Employees Unemployment Veterinary Medicine And Animal Diseases Women In Business Administrative Law And Regulatory Procedures Appropriations Business Education Charitable Contributions Child Health Corporation For National And Community Service Department Of Health And Human Services Drug Therapy Employee Hiring Employment Taxes Executive Agency Funding And Structure Federal Preemption Financial Crises And Stabilization Food And Drug Administration (fda) Food Assistance And Relief Foreign And International Corporations Foreign And International Corporations Government Employee Pay, Benefits, Personnel Management Government Employee Pay, Benefits, Personnel Management Government Information And Archives Government Information And Archives Health Care Costs And Insurance Health Care Costs And Insurance Health Care Coverage And Access Health Care Quality Health Care Quality Health Personnel Health Personnel Income Tax Exclusion Interest, Dividends, Interest Rates Interest, Dividends, Interest Rates Manufacturing Manufacturing Medicaid Medicaid Motor Fuels Motor Fuels Nutrition And Diet Nutrition And Diet Small Business Administration Small Business Administration State And Local Government Operations State And Local Government Operations Taxation Of Foreign Income Temporary And Part-time Employment Temporary And Part-time Employment U.s. Territories And Protectorates U.s. Territories And Protectorates User Charges And Fees User Charges And Fees Wages And Earnings State And Local Finance Strategic Materials And Reserves Disability And Health-based Discrimination Employment Discrimination And Employee Rights Evidence And Witnesses Housing Discrimination Judicial Procedure And Administration Right Of Privacy