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Thursday, 26 March 2020 21:58

U.S. Senate Passes Third Coronavirus Stimulus Package (CARES Act)

The U.S. Senate on March 26 passed the third Coronavirus stimulus package, H.R. 748, the Coronavirus Aid, Relief & Economic Security Act (CARES Act). 

After extensive negotiations with the administration, the package includes increased funding and relief for small businesses and loan forgiveness programs. The bill passed on a 96-0 vote. 

 

"The Automotive Service Association (ASA) is pleased the U.S. Senate has passed the Coronavirus stimulus legislation,” said ASA Washington, D.C., representative Bob Redding. “This bill includes numerous opportunities for assistance for automotive repair shops during these difficult times. We are hopeful that the U.S. House of Representatives will follow with final passage this week. The new loan forgiveness provisions are of particular importance for those shops experiencing business losses due to the virus.”

 

Here is a link to the section-by-section summary, with highlighted provisions pertaining to the aforementioned sections.

 

To read the full bill text, click here.

 

ASA has been working to ensure that automotive repair facilities and related facilities are not overlooked during the responses to this global health crisis and are considered essential services in the U.S. workforce. This includes contacting federal, state and local government officials. 

 

The House is expected to vote March 27.

 

Source: ASA

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