The proposed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the latest federal relief bill regarding the COVID-19 pandemic, and is aimed at financial relief for selected industries. Below is a summary of key provisions of the first draft of the legislation, with the caveat that the language of the bill remains highly fluid. 

Top 10 Summary Points:

1. The CARES Act is the third Congressional legislative response to the coronavirus (i.e., SARS-CoV-2 or COVID-19) outbreak. The first draft of the bill was written by Senate Republicans working with Treasury Secretary Mnuchin. They are negotiating the first draft with Senate Democrats with the stated goal of having the bill enacted by early next week. The language of the bill remains highly fluid.
2. The first draft of the bill aims to provide relief to businesses, especially "severely distressed" economic sectors, the healthcare system, and financial markets, as well as individuals, particularly students or those with student loans.
3. For all businesses, this draft legislation frees up cash through tax relief. These measures include deferral of Social Security taxes, application of recent operating losses to past years, and a larger deduction of interest from debt. In addition, this bill grants faster reimbursements to business owners giving paid time off during the outbreak through a deduction of anticipated credits.
4. For "severely distressed" economic sectors, which mostly focuses on U.S. airlines, the first draft of the legislation provides $58 billion in loans and loan guarantees in addition to a holiday from paying fuel tax. Retailers, restaurants, and hotels are also aided by allowing them to write-off certain renovation costs - this change is expected to return them up to $15 billion per year.
5. Multinational corporations are provided tax recovery of their over-payments if they were required to pay a one-time tax on profits they brought back to the United States under the 2017 tax overhaul. 
6. For small businesses, the first draft of the legislation provides $300 billion to small businesses in the form of loans that employers are not required to pay back if they maintain their payrolls during the emergency. 
7. The first draft of this legislation supports hospitals in their response to COVID-19 by addressing supply shortages for drugs and critical equipment, including ventilators and masks. It aims to speed the development and availability of tests, treatments, and vaccines. The draft legislation helps hospitals financially through a temporary relief from Medicare cuts and a 15 percent Medicare payment bump for coronavirus patients. 
8. To aid financial markets, the draft legislation temporarily allows the Treasury Department to guarantee money market mutual funds.
9. For individuals, the first draft of the legislation provides cash directly to the public. Using 2018 income, individuals will receive $1,200, joint filers will receive $2,400, and families will receive an extra $500 for each child. Eligibility for these checks is reduced starting at $75,000 of individual income and it is completely eliminated for individuals with a 2018 income exceeding $99,000. The draft legislation also waives penalties for some early withdrawal from qualified retirement accounts. 
10. Individuals are provided some relief from student loans as well.  Students are not required to pay their loans if they drop out in the middle of the semester because of coronavirus. Additionally, federal student loan payments, including interest, are suspended for at least three months and, possibly, six months.

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