United States: President Signs CARES Act in Response to

Coronavirus Pandemic
(Mar. 27, 2020) On March 27, 2020, President Trump signed into law H.R. 748, commonly referred to
as the CARES Act. This act allocates approximately $2.2 trillion toward mitigating the negative
economic, health, and safety impacts of the pandemic. Under the act, funds will be distributed to
individuals, families, businesses, public assistance programs, American Indian tribes, and state and
local governments.
The CARES Act is the largest emergency appropriations package in United States history, and affects
multiple private sector industries and public institutions. It creates a plan for direct payments to
qualifying individuals and families in the amounts of $1,200 per adult ($2,400 if filing a joint tax return)
and $500 per child. Qualifying recipients are those whose 2018 tax returns demonstrate incomes not
exceeding $75,000 for individuals, $112,500 for heads of households, and $150,000 for couples filing a
joint return. Payments are phased out for persons whose income exceeds those thresholds.

Along with these payments to individuals, the act establishes tax relief for eligible
businesses that suspended operations as a result of the pandemic. Businesses may also apply
for loans from the Treasury Department. The opportunities and obligations under these loans vary
depending on the sector in which a business operates and its size, which is determined by how many
people it employs.

Additionally, each state will receive at least $1.25 million in funding to assist its response to the
pandemic. States may receive additional funding on the basis of their population and other factors.

Part of the act also modifies oversight of the medical supply chain and improves access to treatment
for coronavirus patients. Some relevant provisions include adjusting the inventory of the United States’
strategic stockpile of certain medical supplies, creating a system to prevent future interruptions in
producing medical devices, and requiring health insurers to fully cover specific medical services
related to the coronavirus.

This is the third piece of emergency legislation enacted by the federal government in response to the
coronavirus. The first was the Coronavirus Preparedness and Response Supplemental Appropriations
Act, 2020, Public Law No. 116-123, which was enacted on March 6, 2020, allotting $8.3 billion in
emergency funding to federal agencies. Then on March 18, 2020, the Families First Coronavirus
Response Act, Public Law No. 116-127, was signed into law, providing paid sick leave and expanding
food assistance and unemployment programs.

Tax related relief

 Internal Revenue Service (IRS) delays federal tax filing until

July 15, and offers advice for deducting COVID-19 costs
from your taxes.

Businesses may also apply for loans from the Treasury Department

Treasury dept has mentioned about the loan, and the month and taxes section contains
information about SBA itself. So it can be understood that the loan facility under SBA is the loan
mentioned in CARES ACT.

Which can be verified here https://www.usa.gov/coronavirus (Money and taxes section)

This link contains all the efforts the us govt is currently making to fight covid 19 and there is no
other provisions for different loan other than mentioned under SBA, it can be understood that the SBA
loan falls under this act.