April 20 / News
Coronavirus Aid, Relief, and Economic Security (CARES) Act Overview
The $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, the third congressional bill proposed to address the crisis, went through many twists and turns in the House and Senate before signed into law on March 27.
While Congress could be out of session until at least April 20, discussions among lawmakers on a ‘Phase IV’ legislative package are expected to intensify in the coming few weeks. Speaker Nancy Pelosi (D-CA) reiterated the necessity of additional COVID-19 response legislation during a recent speech on the House floor, advocating for additional health care provider funding, resources for state and local governments, and stronger workforce protections. Lawmakers have also identified technical corrections to the massive Phase III package as an avenue for Congress to pursue in future COVID-19 legislative efforts.
MMC’s Government Relations Team is maintaining close connections with numerous companies, collaborating to help advocate for measures that will help the insurance industry and employers in general navigate the challenges to their businesses and their people. We are pleased to see that several of our policy recommendations were included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including pension funding relief, small business tax relief, and a provision ensuring pre-deductible telemedicine services are HSA-compatible. These changes will help employers weather the immediate crisis so that they can focus on supporting their colleagues today.
As the current pandemic continues to affect industries and communities across the country, MMC is leading the industry discussions on (among other things) developing pandemic coverage solutions for our clients to address future events. We are exploring all possibilities for a solution and working across all of our businesses to harness our expertise on pandemic coverage, to develop a market for this coverage.
MMC’s Government Relations Team continues to keep track of state and federal laws relating to COVD-19. Please reach out to us if we can provide assistance or answer any questions you may have.
- Please visit www.mmc.com for our latest research and content relating to the pandemic.
- Republican staff for the Senate Finance Committee has developed a CARES Act Recovery Check FAQ.
- The US Senate Committee on Small Business and Entrepreneurship released an FAQ on the Paycheck Protection Program. The program, authorized by Section 1102 of the CARES Act, expands the scope of SBA lending to small businesses across the country. The loans are intended to assist small businesses keep workers on payroll.