Yesterday, December 27, 2020, President Trump signed into law the $900 billion economic stimulus package, which Congress passed last week. This legislation (H.R. 133) aims to support the US economy by reauthorizing and providing additional funding for the fiscal support programs established by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). In particular, the legislation targets assistance to small businesses, unemployed individuals, health care providers, and schools. It also includes a much-debated limitation on the Federal Reserve’s Section 13(3) emergency lending authority. This Legal Update provides an overview of the bill’s economic assistance, financial services, and tax provisions.
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