Overview of the Legislation

In broad terms, these are the major components of the CARES Act:

• US$954 billion in direct relief, including US$250 billion in unemployment insurance benefits; US$301 billion in direct payments to households (including checks of US$1,200 to US citizen taxpayers living here or abroad and US resident alien taxpayers with adjusted gross income of US$75,000 or less and couples with US$150,000 or less, plus additional money for children in their households); US$150 billion in direct aid to states and territories; US$221 billion in tax deferrals with extended filing deadlines; and US$32 billion in grants for passenger, cargo air carriers and contractor wages

• US$849 billion in loan relief, including US$500 billion for loans, loan guarantees or other forms of assistance (with the possibility of the federal government taking a direct stake
in distressed companies) and US$454 billion for loans and other forms of financial assistance to states and territories, tribal governments, local governments and businesses

• US$340 billion in supplemental appropriations, including US$117 billion for hospitals and veterans’ care, US$48 billion to support farmers and shore up nutrition programs, and US$25 billion to help public transit agencies