The Coronavirus Aid, Relief, and Economic Security Act was passed by the Senate on March 25, 2020 and passed by the House of Representatives on Friday, March 27, when it was then signed into law by President Trump. The CARES Act is the third of three legislative initiatives responding to the COVID-19 coronavirus pandemic, and is focused primarily on providing economic stimulus and relief from the effects of the pandemic. The total cost of the CARES Act is estimated to be over $2 trillion. Legislation to make technical corrections to the CARES Act may be introduced in the near future.

The CARES Act remains largely in the form presented in the previously introduced S. 3548, with certain notable modifications. Two key areas of the CARES Act are Title I, which outlines a program of Paycheck Protection Loans for small businesses, to be administered by the Small Business Administration (SBA), and Title IV, which provides for Economic Stabilization and Assistance for Distressed Sectors. Title II covers unemployment insurance, tax, and related individual economic recovery issues. In addition, Title III includes a broad range of health, labor, and educational provisions. This Dechert OnPoint focuses on Titles I, II and IV.