Washington Update: The CARES Act is Signed into Law

April 6, 2020

On March 27, 2020, President Trump signed into law “Phase Three” of the congressional response to the COVID-19 emergency. The legislation, titled the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), follows intense negotiations over the last week. In addition to support for certain distressed segments of our economy, the CARES Act provides direct financial aid in the form of $1,200 checks for individuals earning less than $75,000 ($2,400 for married households earning less than $150,000) with an additional $500 per child. The Act additionally provides expanded unemployment insurance, financial support for state and local governments, a loan program for small businesses and not-for-profits, a payroll tax deferral for employers, and financial assistance to small businesses and certain industries.

This information has been provided as an informational resource for Lenox Advisors, Inc. clients and business partners. It is intended to provide general guidance, and is not intended to address specific risk scenarios. Regarding insurance coverage questions, each specific policy must be reviewed in its entirety to determine the extent, if any, of coverage available for the impact of the Coronavirus. If you have questions, please reach out to your Lenox contact. Certain links to third party materials are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Lenox Advisors, Inc. Lenox Advisors, Inc. expressly disclaims any liability for the accuracy, legality or content of the external site or for that of subsequent links. Please contact the external source for answers to questions regarding its content.
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