S. 3548 Coronavirus Aid, Relief, and Economic Security Act

Updated: March 30, 2020 | Originally Posted: March 23, 2020

President Donald Trump today signed a $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act that will benefit individuals, businesses and hospitals during this unprecedented pandemic. Read SOCMA’s breakdown of the new law below.

The third piece of COVID-19 response legislation was signed into law Friday, March 27.

The key provisions of the legislation are:

  • $2.2 trillion package
    • No concern about federal deficit
  • $349 billion in loans for small businesses (500 employees or fewer)
    • Up to $10 million or 2.5 times average monthly payroll (the lesser of the two)
    • Up to 4% interest deferred for 6 months
    • These loans are also in part forgivable for payments in the first 8 weeks after receiving the loan for:
      • Payroll Mortgage interest (mortgage must have been in place before 2.15.20)
      • Rent (from before 2.15.20)
      • Utility payments (from before 2.15.20)
      • Loan Borrowers Portal
  • $250 billion for unemployment benefits
  • $454 billion in funding for big business
    • Additional $46 billion for airlines
    • All of these funds have the caveat that:
      • May not repurchase stock within 12 months of loan
      • May not pay dividends within 12 months of loan
      • Limited compensation to officers and employees
  • $1,200 checks to individuals with phaseout beginning at $75,000
    • $2,400 for married couples phaseout beginning at $150,000
    • $500 per child addition
  • $100 billion to hospitals to handle influx of patients
  • $10 billion in Small Business Administration (SBA) emergency grants
  • $17 billion for SBA to cover six months of payment for small businesses with existing SBA loans
  • $30 billion in emergency education funding
  • $25 billion in emergency transit funding
  • Employment Tax Credit for 50% of wages from March 13, 2020 through December 31, 2020.
    • Only applicable for first $10,000 of employee compensation
  • The Chemical Facilities Anti-Terrorism Standards (CFATS) program is extended by three months from April 18, 2020 to July 23, 2020
  • Expansion of over-the-counter medical products considered medical expenses to include menstrual care products

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