CARES Act Developments and Newly Proposed Fiscal Stimulus Legislation as of December 11, 2020

December 11, 2020 – Negotiations continued this week between Democratic and Republican congressional leaders and the White House regarding an economic stimulus package. There were no significant regulatory developments relating to the CARES Act.  

Legislative Proposals

The Bipartisan Emergency COVID Relief Act of 2020

On December 9, Senators Joe Manchin (D-WV) and Mitt Romney (R-UT) and a bipartisan group of senators released a new version of their $908 billion coronavirus relief package.  The legislation would expand federal unemployment benefits to $300 a week for 16 weeks, provide $300 billion in additional funds to the Paycheck Protection Program, provide $25 billion in rental assistance to state and local governments, and extend an eviction moratorium until the end of January 2021. Earlier in the week, the Trump Administration announced on Twitter that it had made a $916 billion proposal to House of Representatives Speaker Pelosi that includes money for state and local governments and liability protections for businesses and educational institutions.

• Framework summary
• Trump Administration Announcement

Click here to go to our COVID-19 Resource Center for more advisories, articles and other content related to the coronavirus pandemic.