Vorys (Ohio/Texas): The CARES Act Makes Available Economic Relief for Midsize and Large Businesses

On March 27, 2020 Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act provides immediate relief to businesses suffering from the economic impacts associated with the COVID-19 pandemic. Title I provides aid to small businesses and other small entities through the creation of the Paycheck Protection Program. You can find more information about the Paycheck Protection Program in this alert. But in addition to the loans and programs in Title I for at small businesses, the CARES Act also created a more broadly applicable emergency relief fund that should result in loans for medium and large businesses impacted by COVID-19. Title IV gives an outline of these provisions, but the Treasury Secretary and Federal Reserve are expected to issue further guidance over the coming weeks to clarify their implementation. MORE.

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