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Senate Passes $2.2 Trillion Economic Stimulus Bill

CARES Act passes Senate

Late in the night on March 25th, the Senate passed a bill designed to stimulate the economy during this unprecedented pandemic. The bill is the most expensive piece of legislation ever passed, costing $2.2 trillion. As of this writing, it was on track to pass the House on Friday, March 27th. It offers help in a wide variety of measures including the following:

  • Direct payments to taxpayers
  • Substantial expansion of unemployment benefits
  • Emergency loans to small businesses
  • Government bailout loans for distressed companies
  • Aid to hospitals struggling to handle the coronavirus

For a summary overview of the bill at this point in time, please see this Tax Briefing from Wolters Kluwer. LaPorte will be publishing tomorrow an overview of key aspects of the legislation important to individuals, small to mid-size businesses and nonprofits.

As always, our LaPorte tax professionals are here to provide guidance for your unique circumstances. Please visit our directory for up-to-date info for contacting us.