On March 25, 2020, the United States Senate unanimously passed the “Coronavirus Aid, Relief, and Economic Security” Act (“CARES”, “Act”).  The Act provides approximately $2 trillion of economic relief through Federal loan programs, rebate payments, income tax benefits, and funding programs for health care and other industries, states, and municipalities.  

The U.S. House of Representatives is expected to vote to approve the current version of the measure today after which President Trump is expected to sign it into law.  This tax alert summarizes some of the key tax and financial provisions that are part of the CARES Act.