CARES Act

[AI summary unavailable — showing source text] Coronavirus Aid, Relief, and Economic Security Act or the CARES Act This bill addresses economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak. The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes. With respect to small businesses, the bill establishes, and provides funding for, forgivable bridge loans; and provides additional funding for grants and technical assistance. The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers). The bill establishes limits on requirements for employers to provide paid leave. With respect to taxes, the bill establishes special rules for certain tax-favored withdrawals from retirement plans; delays due dates for employer payroll taxes and estimated tax payments for corporations; and revises other provisions, including those related to losses, charitable deductions, and business interest. With respect to health care, the bil…