Common use of Brief Summary Clause in Contracts

Brief Summary. The CARES Act includes many provisions to support American families, small businesses, and the economy while the nation works its way through the COVID-19 outbreak. Key provisions include the following: • Ensures that all testing for COVID-19 is covered by private insurance plans, with free coverage of a vaccine within 15 days for COVID-19 when such a vaccine is available. • For eligible small businesses, sole proprietors, independent contractors, and other self-employed individuals, the Act provides $349 billion through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program. These loans can be used to pay for utilities, rent, mortgage, and payroll. Borrowers are eligible for loan forgiveness for the first 8 weeks of the loan. The Small Business Administrator has no more than 15 days after the date of enactment to issue regulations. • The measure provides $500 billion to the Department of Treasury’s exchange stabilization fund for use in loans, loan guarantees, and other investments for distressed businesses that do not qualify for the small business relief. This includes direct lending of $25 billion for passenger air carriers, $4 billion for cargo air carriers, and $17 billion for businesses determined to be important to national security. The remaining $454 billion is eligible for direct lending to distressed businesses meeting specified criteria. These provisions also include prohibitions on recipients of relief engaging in stock buybacks, and all loans must be used to retain at least 90 percent of the workforce. • For those who lost employment because of the pandemic, the measure provides robust unemployment insurance, including for self-employed, independent contractors, and those with limited work history. The assistance will include an additional $600 per week for each recipient and provides an additional 13 weeks of benefits to those who remain unemployed after state unemployment benefits are no longer available. • U.S. individual taxpayers with an adjusted gross income of up to $75,000 ($150,000 joint) are eligible for a full $1,200 ($2,400 joint) rebate, and an additional rebate of $500 per child. Americans will not be required to do anything to receive a rebate check, as the IRS will use a taxpayer’s 2019 tax return or their 2018 return if they have not yet filed. The rebate is reduced by $5 for each $100 of the taxpayer’s income that exceeds $75,000 and completely phases out at $99,000. These and other relief and appropriation provisions are spread across 880 pages and various sections of the legislation. In the following pages, we provide a summary of each of these provisions, following the structure of the legislation. Please click on any of the links below to jump to the relevant section of the CARES Act. Division A – Keeping Workers Paid And Employed, Health Care System Enhancements, And Economic Stabilization 3 Title I – Keeping American Workers Employed And Paid Act 3 Title II – Assistance For American Workers, Families, And Businesses 6 Title III—Supporting America’s Health Care System In The Fight Against The Coronavirus 11 Title IV—Economic Stabilization And Assistance To Severely Distressed Sectors Of The United States Economy 24 Title V—Coronavirus Relief Funds 31 Title VI—Miscellaneous Provisions 32 Division B – Emergency Appropriations For Coronavirus Health Response And Agency Operations 32 Title I – Department Of Agriculture 32 Title II – Departments Of Commerce, Justice, And State, The Judiciary, And Related Agencies 34 Title III – Department Of Defense 35 Title IV – Corps Of Engineers – Civil Department Of The Army 36 Title V – Department Of The Treasury 36 Title VI – Department Of Homeland Security 38 Title VII – Department Of Interior 39 Title VIII – Departments Of Labor, Health, And Human Services, Education, And Related Agencies 41 Title IX – Legislative Branch 43 Title X – Veterans Affairs And Related Agencies 44 Title XI – Department Of State 46 Title XII – Transportation 46 Title XIII – General Provisions—This Act 50 Division A – Keeping Workers Paid and Employed, Health Care System Enhancements, and Economic Stabilization‌ TITLE I – KEEPING AMERICAN WORKERS EMPLOYED AND PAID ACT‌

Brief Summary. The CARES Act includes many provisions to support American families, small businesses, and the economy while the nation works its way through the COVID-19 outbreak. Key provisions include the following: • Ensures that all testing for COVID-19 is covered by private insurance plans, with free coverage of a vaccine within 15 days for COVID-19 when such a vaccine is available. • For eligible small businesses, sole proprietors, independent contractors, and other self-employed individuals, the Act provides $349 billion through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program. These loans can be used to pay for utilities, rent, mortgage, and payroll. Borrowers are eligible for loan forgiveness for the first 8 weeks of the loan. The Small Business Administrator has no more than 15 days after the date of enactment to issue regulations. • The measure provides $500 billion to the Department of Treasury’s exchange stabilization fund for use in loans, loan guarantees, and other investments for distressed businesses that do not qualify for the small business relief. This includes direct lending of $25 billion for passenger air carriers, $4 billion for cargo air carriers, and $17 billion for businesses determined to be important to national security. The remaining $454 billion is eligible for direct lending to distressed businesses meeting specified criteria. These provisions also include prohibitions on recipients of relief engaging in stock buybacks, and all loans must be used to retain at least 90 percent of the workforce. • For those who lost employment because of the pandemic, the measure provides robust unemployment insurance, including for self-employed, independent contractors, and those with limited work history. The assistance will include an additional $600 per week for each recipient and provides an additional 13 weeks of benefits to those who remain unemployed after state unemployment benefits are no longer available. • U.S. individual taxpayers with an adjusted gross income of up to $75,000 ($150,000 joint) are eligible for a full $1,200 ($2,400 joint) rebate, and an additional rebate of $500 per child. Americans will not be required to do anything to receive a rebate check, as the IRS will use a taxpayer’s 2019 tax return or their 2018 return if they have not yet filed. The rebate is reduced by $5 for each $100 of the taxpayer’s income that exceeds $75,000 and completely phases out at $99,000. These and other relief and appropriation provisions are spread across 880 pages and various sections of the legislation. In the following pages, we provide a summary of each of these provisions, following the structure of the legislation. Please click on any of the links below to jump to the relevant section of the CARES Act. Division A – Keeping Workers Paid And Employed, Health Care System Enhancements, And Economic Stabilization 3 Title I – Keeping American Workers Employed And Paid Act 3 Title II – Assistance For American Workers, Families, And Businesses 6 Title III—Supporting America’s Health Care System In The Fight Against The Coronavirus 11 Title IV—Economic Stabilization And Assistance To Severely Distressed Sectors Of The United States Economy 24 25 Title V—Coronavirus Relief Funds 31 32 Title VI—Miscellaneous Provisions 32 Division B – Emergency Appropriations For Coronavirus Health Response And Agency Operations 32 33 Title I – Department Of Agriculture 32 33 Title II – Departments Of Commerce, Justice, And State, The Judiciary, And Related Agencies 34 Title III – Department Of Defense 35 36 Title IV – Corps Of Engineers – Civil Department Of The Army 36 37 Title V – Department Of The Treasury 36 37 Title VI – Department Of Homeland Security 38 39 Title VII – Department Of Interior 39 40 Title VIII – Departments Of Labor, Health, And Human Services, Education, And Related Agencies 41 42 Title IX – Legislative Branch 43 44 Title X – Veterans Affairs And Related Agencies 44 45 Title XI – Department Of State 46 47 Title XII – Transportation 46 47 Title XIII – General Provisions—This Act 50 Division A – Keeping Workers Paid and Employed, Health Care System Enhancements, and Economic Stabilization‌ TITLE I – KEEPING AMERICAN WORKERS EMPLOYED AND PAID ACT‌51