Share with your friends

Senate passes “phase 3” coronavirus (COVID-19) bill

Senate passes “phase 3” coronavirus (COVID-19) bill

The U.S. Senate last night passed the “phase 3” coronavirus (COVID-19) legislation—H.R. 748, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act). The vote was 96 to 0.


Related content

The CARES Act legislation [PDF 1.08 KB] (880 pages) includes substantial tax and non-tax measures, for both individuals and for businesses. Read a brief description of some of the tax measures: TaxNewsFlash

Read a revenue estimate provided by the Joint Committee on Taxation (JCT): JCX-11-20 

With Senate approval, the bill moves to the House of Representatives. Consideration of the bill is scheduled to begin at 9 a.m. on Friday, March 27, 2020.

Legislative action in the House is complicated, however, by the fact that most members of the House are in their home districts, rather than in Washington, D.C. The House could approve the “phase 3” legislation by unanimous consent of those House members who are present or by voice vote of those present (instead of a roll call vote)—other alternatives such as proxy voting, may require changes to the House rules.

President Trump has indicated that he would sign the legislation once approved by the House.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal