ABSTRACT

Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [Updated January 6, 2021]   [open pdf - 1MB]

From the Introduction: "On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) into law as P.L. 116-136. The CARES Act is a wide-ranging act to provide relief to consumers, small businesses, and certain industries amid the economic fallout of COVID-19 [coronavirus disease 2019], which featured unprecedented business disruptions. Title IV of the CARES Act contains numerous provisions aimed broadly at stabilizing the economy and helping affected households and businesses. It has received considerable attention for containing funding for industry and financial services. Specifically, Section 4003 directs the Department of the Treasury (Treasury) and the Federal Reserve (Fed) to make up to $500 billion available to support various businesses in the aviation sector as well as the financial system. [...] This report provides an overview of Section 4003 and related provisions and explains the terms and conditions associated with the assistance. Additionally, it discusses the funds made available in Section 4112 of Title IV for worker support at air carriers and related businesses."

Report Number:
CRS Report for Congress, R46329
Author:
Publisher:
Date:
2021-01-06
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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