Last Friday, President Trump signed into law the largest stimulus bill in American history, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system suffering the impact of the COVID-19 coronavirus in the United States. Although the program's price tag is $2.2 trillion, the economic impact is expected to approach nearly $7 trillion over the course of several economic cycles. Some of the key provisions include:

One-Time Financial Relief Payments

TF CARESAct 3 25

Unemployment Insurance

Tax Cuts for Businesses: CPA Practice Advisor have compiled the following data summarizing the tax cuts for businesses. 

While as of today there are no federal rules, regulations, guidelines, or application forms yet for most of these loan programs, UWCA is tracking this as closely as possible and will provide guidance on the process as it becomes clear.

For more information, including a side by side comparison of the two loan programs please visit HERE, created by the Certified Public Accounting and Consulting firm KROST. Information is subject to change, as federal guidelines and applications become available.

Housing & Homelessness

Transit Systems

Community Development Block Grants

Veterans

Food Banks

Mental Health

Election Assistance

Shortfalls of the Bill: As important as the relief package is for Americans, it also has several shortfalls that will require attention in the near future. The Center on Budget and Policy Priorities (CBPP) have highlighted 3 key shortalls to consider going forward as future bills are considered: 

For more information, please visit their article.