The Coronavirus Aid, Recovery, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. The CARES Act delivers approximately $2 trillion in emergency aid to businesses and individuals suffering the economic fallout from the 2019 novel coronavirus (COVID-19) pandemic.
The aid package contains a variety of measures aimed at improving businesses’ cash flow, including tax relief and loans.
The CARES Act also expands unemployment benefits in a number of meaningful ways:
The economic disruption caused by the COVID-19 pandemic has forced, and will continue to force, employers to resort to a variety of less than ideal mitigation actions to keep their businesses afloat. To the extent these actions result in a temporary or permanent loss of employment, or significant reduction in employee hours, the CARES Act offers a temporary additional cushion to those seeking enhanced unemployment benefits through their state unemployment agency.
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