On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The Act contains a $2 trillion aid package that provided financial aid to families and businesses that were impacted by Covid-19. Of the $2 trillion, $300 billion went directly to individual Americans in the form of a $1200, one time payment. Another $260 billion was allocated to an increase in unemployment benefits. The CARES Act also funded the creation of the Paycheck Protection Program that provides forgivable loans to small businesses, which was given a substantial stipend of nearly $1 trillion dollars. Furthermore, the Act provided $500 billion to corporations. The remainder of the bill went towards state and local governments, which totaled to around $340 billion. 

The CARES Act is by far the largest stimulus package in U.S. history, amounting to 10% of the U.S. gross domestic product. Legislators referred to the bill as “Phase 3” of Congress’s Covid-19 response. With the first phase being Coronavirus Preparedness and Response Supplemental Appropriations Act, which focused primarily on vaccine research and development. The Families First Coronavirus Response Act was the second phase of the response. This Act focused on unemployment and sick leave compensation for Americans. All three of the phases were enacted within a month, marking one of the most efficient legislative actions in the history of Congress. 

CARES Act News

• HHS Announces Additional Allocations of Cares Act Provider Relief Fund
  
• AAMS Asks for Additional $816M to support Air Medical Providers during COVID-1
  

• HHS to Begin Immediate Delivery of Initial $30 Billion of CARES Act Provider Relief Funding

• AAMS Requests $363.5M In Emergency Funding to Support Air Ambulances
• AAMS Cares Act Implementation Update; Additional COVID 19