Millions of Americans and small businesses are suffering the economic effects caused by the COVID-19 pandemic. In response, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This historic legislation, which included over $2 trillion in emergency financial assistance, was designed to provide immediate help for small businesses, health care providers, and individuals.
The CARES Act includes the Paycheck Protection Program (PPP), which provides nearly $650 billion in loans to small businesses, as well as Economic Impact Payments (EIPs) to provide relief to individual taxpayers and families. The CARES Act also included other programs to help small- and medium-sized businesses, and assistance to hospitals and other health care providers on the front lines of the coronavirus response.
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