Coronavirus Aid, Relief, and Economic Security (CARES) Act
On June 3, Congress passed substantive reforms to the PPP for the first time. The Paycheck Protection Program Flexibility Act of 2020.
On March 27, 2020, the US President enacted the CARES Act (earlier passed by Congress), the third federal legislation passed in response to COVID-19. AIA has shared a detailed memo and hosted a webinar on the provisions impacting firms. Here are some frequently asked questions from AIA members to help you continue to navigate these new policies. On April 16, 2020, the PPP ran out of funds. Congress passed another round of funding this week (April 23).
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third federal legislation meant to address the COVID-19 crisis. It was signed into law on March 27, 2020. The CARES Act touches on many aspects of the healthcare industry and the overall economy.
This memo focuses on the provisions most likely to impact the architecture profession. This is not legal advice; every firm should consult their own counsel for how these policies will impact them specifically. The policies included in the CARES Act build on the first two federal laws passed in response to COVID-19 on March 6 and March 18, 2020.
There will likely be additional actions from Congress and the federal agencies to address the health crisis and the economy in the months ahead. A fourth legislative attempt may include infrastructure and other investments. AIA will send additional information as it becomes available.