Business Use of Tax and Other Provisions in the Cares Act and Other COVID-19 Legislation: Evidence from Surveys [Updated July 23, 2020] [open pdf - 558KB]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) provided a range of benefits to businesses and their employees. [...] Three of the act's major programs are mutually exclusive (overall, or at least with respect to a given employee) and require employers to decide about whether to retain workers and how to pay them.  The Paycheck Protection Program (PPP) for small businesses allowed low-interest loans that could be forgiven if employees were retained.  Expanded unemployment insurance (UI) benefits helped workers laid off or furloughed (as well as the small number of employees using work sharing under short-time compensation [STC]).  The employee retention tax credit (ERTC) provided a credit for 50% of wages up to a ceiling for retained workers. [...] The PPP's popularity led to an expansion of the $349 billion initially authorized, with $310 billion added in the Paycheck Protection Program and Health Care Enhancement Act (P.L. 116-139). The Federal Reserve also instituted some additional lending programs, including the Main Street Lending Program to provide delayed and low-interest loans. The CARES Act includes a number of authorizations for funding for Treasury and the Federal Reserve."
CRS Insight, IN11430
Congressional Research Service: https://crsreports.congress.gov/