The Coronavirus Aid, Relief and Economic Security Act — or CARES Act, was passed into Federal law on March 27, 2020. The CARES Act is a $2 trillion stimulus bill aimed at helping the people, states and businesses devastated by the Covid-19 pandemic. Among other relief, the bill provides direct checks to many Americans, expands unemployment insurance, offers loans to both small and large businesses, and provides additional resources to health-care providers and systems.
Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak. The CARES Act requires that the payments from the Coronavirus Relief Fund only be used to cover expenses that:
- are necessary expenditures incurred due to the public health emergency with respect to the Coronavirus Disease 2019 (COVID–19);
- were not accounted for in the budget most recently approved as of March 27, 2020 (the date of enactment of the CARES Act) for the State or government; and
- were incurred during the period that begins on March 1, 2020, and ends on December 30, 2020.
