The rescue package, named the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes $500 billion in aid for eligible businesses, states, and municipalities. Relief is not available if any covered individual (including certain political officials and family members) hold at least a 20% interest in or value of an eligible business (alone or with another covered individual). The federal loan program is broadly available to businesses impacted by the crisis, including those critical to maintaining national security. The Treasury Secretary will have broad authority to administer the program with oversight by a new Treasury Department Special Inspector General for Pandemic Recovery and Pandemic Response Accountability Committee.
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