Varnum (Michigan): CARES Act Provides $500 Billion to Eligible Businesses, States and Municipalities

On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. Among other programs and types of assistance intended to provide relief to those impacted by the pandemic and to stimulate the economy, the CARES Act provides $500 billion to Treasury’s Exchange Stabilization Fund for states, municipalities and eligible businesses (including those in certain severely distressed industries, as well as mid-sized businesses not eligible to participate in the Paycheck Protection Program). MORE.

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