Senate passes ‘Phase Three’ COVID-19 economic stabilization legislation

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March 2020

Overview

NOTE: Since publication of this Insight, the House passed without change the Senate-approved H.R. 748, the ‘Coronavirus Aid, Relief, and Economic Security Act’ (the CARES Act) and President Trump signed the legislation into law on March 27, 2020. The Insight below details the CARES Act as enacted.

The Senate late on March 25 voted 96 to 0 to pass a $2 trillion “Phase Three” COVID-19 economic stabilization package, H.R. 748, the ‘Coronavirus Aid, Relief, and Economic Security Act’ (the CARES Act), that features significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 pandemic.

The House is expected to vote on the legislation by voice vote on Friday, March 27. President Trump is expected to sign the legislation soon after.

The takeaway

The new “Phase Three” COVID-19 economic stabilization legislation features significant new provisions intended to assist individuals and businesses impacted by the pandemic and its economic effects. Stakeholders should carefully review proposals that are intended to help employers retain employees and continue business operations during the current public health emergency. Stakeholders also should continue to engage with policymakers as the legislation is implemented and as additional relief measures affecting their business operations and employees may be considered.

Additional information

For a 35-page Senate staff summary of the overall CARES Act, click here. For a six-page Senate Finance Committee staff summary of the Act’s tax and unemployment assistance provisions, click here. For the CARES Act text, click here

For a Senate staff summary of the emergency supplemental appropriations bill, click here. For appropriations bill text, click here

For an IRS summary of filing and payment deadlines questions and answers, click here. For IRS guidance updates on coronavirus tax relief, click here

For PwC’s tracker of state and local COVID-19 tax filing relief, click here

For PwC’s March 18 Insight on the “Phase Two” COVID-19 relief legislation, click here.

Contact us

Pam Olson

Consultant, Tax Policy Services, PwC US

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