As we are all experiencing a surreal time in our lives, positive measures are being taken to help the situation. Last week, the largest economic stimulus package in American history – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was passed. CARES Act is designed to help individual taxpayers, business owners and the entire economy try to revive itself from the downturn caused by the COVID-19 pandemic and the closures, layoffs and economic stress that has followed.
Here are some of the highlights as we understand them: