NEW YORK—Amid the backdrop of the passing of the $2 trillion stimulus bill to shore up small businesses and provide economic relief to the unemployed, The Vision Council is offering its members details of the new programs. The new legislation will support business and individuals in the midst of the global COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Phase 3”) will provide emergency assistance and health care response for individuals, families, and businesses. The text of the legislation can be found here.

The analysis of the CARES Act and the previous two COVID-19 stimulus bills can be viewed here.  The CARES Act also includes $349 billion for lending programs for small business that maintain their payroll levels. Small businesses will be eligible for additional federally guaranteed loans if they promise to maintain their workforce, and those loans will be forgiven for businesses that continue to pay their workers.

Additional guidance for The Vision Council members, who are not classified as small business, who might qualify for support from this program can be found here. 

Phase 3 also expands unemployment insurance by 13 weeks and provides enhanced benefits for four months.

Members wishing to take advantage of the Phase 3 programs should track these developments closely in the days and weeks ahead. For members who are considered a small business (500 employees or less) guidance on CARES provisions for you can be found here. 

The Vision Council will continue to monitor any legislation put forth by U.S. lawmakers to provide members with any further updates.

Contact Chris Rorick, MPA, at Chris.Rorick@bclplaw.com senior policy advisor, Bryan Cave, LLP, for more information.