United States – Senate Passes COVID-19 Fiscal Stimulus Bill

United States – Senate Passes COVID-19 Fiscal Stimulus

On March 25, 2020, the United States Senate voted on and passed the Coronavirus Aid, Relief, and Economic Security Act (“the bill”), also known as the CARES Act, in order to respond to the economic impact caused by COVID-19.

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On March 25, 2020, the United States Senate voted on and passed the Coronavirus Aid, Relief, and Economic Security Act (“the bill”), also known as the CARES Act, in order to respond to the economic impact caused by COVID-19.  However, even though the bill passed in the Senate, it still needs to be voted on and passed in the House of Representatives and then signed by President Trump in order for it to become law.  The House of Representatives is scheduled to convene next at 11:00 am (EDT) on Thursday, March 26. 

WHY THIS MATTERS

The bill contains measures that are expected to bring some economic and fiscal relief to companies, small businesses, and individuals facing financial difficulties due to the COVID-19 crisis.  With its passing in the Senate, the bill, which includes numerous tax relief provisions, is a step closer to becoming enacted into law. KPMG will issue further guidance once the bill has been enacted.

The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.

 

The information contained in this newsletter was submitted by the KPMG International member firm in United States.

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GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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