Coronavirus Aid, Relief, and Economic Security (CARES) Act

March 26, 2020

After several long days of negotiating, the Senate late last night reached final agreement on COVID Phase III stimulus legislation expected to be in the range of approximately $2 trillion over 10 years.  Further modifications are not expected at this time, but as always and especially on something this broad, usual caveats and caution are warranted until the President signs this into law.

The Senate is expected to vote imminently, following a likely-to-fail vote on an amendment by Sens. Sasse, Scott, and Graham to limit some of the UI provisions.  The House is expected to attempt unanimous consent sometime Thursday or Friday (March 26 or 27), with fallback options developing if such an attempt fails. Click here for highlights of the tax, stabilization, and unemployment Insurance pieces of the bill. COVID-19 legislative updates will be posted to UEP’s COVID-19 Resource page daily.