Senate Bill Includes Historic Economic Stabilization Provisions to Support Financial Markets
On March 25, 2020, the U.S. Senate passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a historic economic stimulus package that provides broad-based relief to support a wide swath of the U.S. economy, including provisions focused on supporting the American workforce, healthcare system and impacted industries. Title IV of the CARES Act includes the Coronavirus Economic Stabilization Act of 2020 (the “Stabilization Act”), a set of significant economic stabilization and regulatory relief measures that, together with the Federal Reserve’s recent announcements of various liquidity programs under its emergency lending authority, aim to support overall market functioning and credit provision in the U.S. financial markets in the face of the ongoing coronavirus disease 2019 (“COVID-19”) pandemic. The Stabilization Act also provides various mortgage payment and foreclosure moratorium provisions and other consumer relief measures.