The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by Congress and signed into law by President Trump in March of this year as a response to the economic fallout caused by COVID-19.

While sections of the CARES Act provides relief to big business and employees of certain sectors of the economy which have been affected by COVID-19 such as the airlines industry two large components of the legislation have been aimed at individuals, families and small businesses.

Some of the relief provisions provided under the CARES Act have just expired, others are set to expire at the end of July or at the end of the year. The new deadline for Payroll Protection Plan loans is August 8, 2020.

The most popular form of relief that most people are aware of is the $1,200 stimulus relief check that has been provided to over 159 million taxpayers so far. The eligibility for receiving this first round of stimulus was as per the chart below:

Source: CNET, The Washington Post

Currently members of the Senate are looking at creating legislation for a second stimulus package. Some members would like to see this second stimulus to individuals passed into law before Congress breaks for vacation in August. Some of the proposals suggested are shown below:

It is seen as likely that this second stimulus package aimed at individuals and families will be approved in the near future. This is something that will affect you.

The Eviction Moratorium: The CARES Act provided a 120 day moratorium preventing landlords from evicting tenants renters who participate in federal housing assistance programs or live in a property with a federally backed mortgage. The moratorium expired on Friday, July 24. As yet, there has been no extension to this moratorium. Landlords nationwide are expected to begin sending 30 day eviction proceedings against tenants. Some renters may have additional protection in the localities where they live, but unless the moratorium is extended or amended many renters will face impending eviction in addition to being liable for unpaid rent. 

The Paycheck Protection Program (PPP) and the Economic Injury Disaster Advance Loan (EIDAL) are the two major forms of relief for small businesses provided for under the Cares Act. Both programs are administered through the Small Business Administration (SBA). 

The deadline to apply for a Paycheck Protection Program Loan has been extended through Aug. 8, 2020. The original deadline was June 30, 2020. PPP information and application forms can be found on the SBA Paycheck Protection Program website.

The EIDAL application process which had been frozen has been reinstated as of last month. The EIDAL program includes a forgivable $10,000 advance. Details of how to apply can be found on the SBA Disaster Assistance web page.

Update: the Senate just released its version of a second set of COVID-19 relief measures, called the HEALS Act. Learn the latest here.