Senate Bill 3548
116th Congress(2019-2020)
CARES Act
Introduced
Amendments
Introduced
Introduced in Senate on Mar 19, 2020
Overview
Text
Introduced
Mar 19, 2020
Latest Action
Jun 3, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3548
Congress
116
Policy Area
Economics and Public Finance
Economics and Public Finance
Primary focus of measure is budgetary matters such as appropriations, public debt, the budget process, government lending, government accounts and trust funds; monetary policy and inflation; economic development, performance, and economic theory.
Sponsorship by Party
No Senate votes have been held for this bill.
Summary

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak.

The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes.

With respect to small businesses, the bill

  • establishes, and provides funding for, forgivable bridge loans; and
  • provides additional funding for grants and technical assistance.

The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).

The bill establishes limits on requirements for employers to provide paid leave.

With respect to taxes, the bill

  • establishes special rules for certain tax-favored withdrawals from retirement plans;
  • delays due dates for employer payroll taxes and estimated tax payments for corporations; and
  • revises other provisions, including those related to losses, charitable deductions, and business interest.

With respect to health care, the bill

  • provides additional funding for the prevention, diagnosis, and treatment of COVID-19;
  • limits liability for volunteer health care professionals;
  • prioritizes Food and Drug Administration (FDA) review of certain drugs;
  • allows emergency use of certain diagnostic tests that are not approved by the FDA;
  • expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines;
  • revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid.

With respect to education, the bill

  • temporarily suspends payments for federal student loans; and 
  • otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions.

The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

Text (1)
March 19, 2020
Amendments (3)
Mar 21, 2020
Submitted in Senate
2
Sponsorship
Senate Amendment 1563
To suspend Federal payroll taxes for 2020.
Submitted
Mar 21, 2020
Submitted in Senate
1
Sponsorship
Senate Amendment 1562
To enhance the 2020 recovery rebates for individuals.
Submitted
Mar 20, 2020
Submitted in Senate
1
Sponsorship
Senate Amendment 1561
To amend titles XVIII and XIX of the Social Security Act to provide equal coverage of in vitro specific IgE tests and percutaneous tests for allergies under the Medicare and Medicaid programs.
Submitted
Actions (3)
06/03/2020
Committee on Small Business and Entrepreneurship. Hearings held.
03/19/2020
Read twice and referred to the Committee on Finance. (text: CR S1834-1859)
03/19/2020
Introduced in Senate
Public Record
Created
Mar 20, 2020 4:27:08 AM
Updated
Dec 15, 2020 3:57:30 PM