Late yesterday evening, the Senate passed it’s version of phase III COVID-19 relief legislation. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed unanimously and is headed to the House of Representatives as soon as tomorrow. Final votes were delayed when an amendment was offered which would have kept unemployment benefits at 100% of the employees’ wages. The amendment fell 11 votes short and concern remains that some employees may take advantage of potentially higher pay by leaving the workforce and collecting benefits.
If the House approves the legislation, it is presumed it will have White House support and will be signed by President Trump. The package is the largest stimulus legislation in U.S. history and will be administered across several departments and agencies in an attempt to support an unprecedented number of economic sectors. The Tennessee Chamber, in unison with the U.S. Chamber and many other state chambers were disappointed that the provisions giving aid to 501(c)(6) organizations were removed from the package. The cut prevents chambers of commerce at all levels from receiving aid to increase support to distressed members.
